After MicroStrategy CEO Michael Saylor brokered a successful meeting between Elon Musk and several prominent business leaders, North America’s Bitcoin (BTC) mining industry appears to be moving towards greater environmental sustainabi
Following the high-level talks, Saylor and Musk both revealed Monday that the Bitcoin Mining Council has been established.
Including Argos Blockchain, Blockcap, Galaxy Digital, Hive Blockchain, Hut 8 Mining, Marathon Digital and Riot Blockchain, the council is made up of several industry leaders. Saylor tweeted that they’ve all agreed to “promote energy usage transparency [and] accelerate sustainability initiatives worldwide,”
Saylor also indicated that the new industry group is committed to pursuing broad environmental, social and corporate governance goals concerning Bitcoin mining, as well as educating the marketplace about how the mining process works.
Musk, who was the first to tweet about the discussions, said: “Spoke with North American Bitcoin miners. They committed to publish current & planned renewable usage & to ask miners WW to do so. Potentially promising.”
Bitcoin’s price appears to have rallied sharply after the announcement circulated. BTC reached an intraday high of $39,960, building off earlier gains.
Tesla’s decision to stop accepting Bitcoin payments due to environmental concerns may have contributed to one of Bitcoin’s worst-ever declines. Peak to trough, the digital asset plunged 54%, eventually bottoming at sub-$30,000 before recovering. In the process, Musk was subjected to severe backlash from the cryptocurrency community that he had just recently embraced.