Saturday, January 28, 2023

MicroStrategy CEO Along With Tesla Chief Forms Bitcoin Mining Council

MicroStrategy CEO Michael Saylor organized a meeting with Tesla Chief Elon Musk and the leading Bitcoin miners in North America to discuss transparency in mining energy use. 

In the meeting, the companies agreed to form a Bitcoin Mining Council to promote sustainable crypto mining activities worldwide.

On Monday, while making an announcement regarding the council, Saylor and Musk revealed that after high-level talks with the executives of the leading companies, they constituted the Bitcoin Mining Council. 

Saylor, in his tweet, mentioned the names of the companies that are part of the council, including Argos BBlockchain, Blockcap, Galaxy Digital, Hive Blockchain, Hut 8 Mining, Marathon Digital and Riot Blockchain. 

As a part of the council, the companies would have to remain transparent regarding the energy consumption for mining and promote sustainable initiatives around the world.

While announcing about the Bitcoin Mining Council, Musk tweeted, “Spoke with North American Bitcoin miners. They committed to publish current & planned renewable usage & to ask miners WW to do so. Potentially promising.”

Soon after the announcement, Bitcoin experienced a sudden surge in its value and reached $39,960.

A few weeks ago, the Bitcoin market slumped down because Tesla decided that it would not accept the payment in Bitcoin. The company further stated that due to environmental concerns the company decided to take this step. This announcement resulted in a huge drop, from peak to trough, bitcoin came down by 54 percent. 

This is not the first time, someone discussed the negative aspects of Bitcoin Mining, earlier, China also brought up this concept and decided to ban the mining activities in some of the regions. 

As per the reports, after China’s announcement, many crypto miners in the country wind up their operation relocated their businesses to more desirable jurisdictions.

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