Recently, the Bitcoin price has been undergoing a major correction, as the influential Tesla CEO Elon Musk expressed concern that cryptocurrency is being mined in a non-ecological way. However, he has expressed his support for cryptocurrencies and Bitcoin and seems to be serious about helping solve the underlying problems. Musk met with North American Bitcoin miners to address the environmental concerns of cryptocurrency mining.
Since Bitcoin mining requires a large amount of energy, which is currently mostly sourced in a non-ecological way, Tesla temporarily suspended the acceptance of cryptocurrency as payment for its cars. This resulted in a huge Bitcoin price drop as investors were frightened by the announcement. However, Musk expressed support for cryptocurrencies in several tweets and stated that as soon as the carbon footprint of Bitcoin mining decreases, Tesla will resume operations with it.
Continuing to have an active position in supporting Bitcoin, Musk met with the North American Bitcoin miners and discussed the issue of environmental friendliness of its mining. The organizer of the meeting was MicroStrategy CEO Michael Saylor. The meeting was with representatives of Argo Blockchain, Blockcap, Core Scientific, Galaxy Digital, Hive Blockchain Technologies, Hut 8 Mining, Marathon Digital Holdings, and Riot Blockchain, they all agreed to form the Bitcoin Mining Council "to promote energy usage transparency and accelerate sustainability initiatives worldwide."
Yesterday I was pleased to host a meeting between @elonmusk & the leading Bitcoin miners in North America. The miners have agreed to form the Bitcoin Mining Council to promote energy usage transparency & accelerate sustainability initiatives worldwide. https://t.co/EHgLZ9zvDK— Michael Saylor (@michael_saylor) May 24, 2021
Musk's interest in Bitcoin, while having a short-term negative impact on its price, can nevertheless solve one of its most important problems. This, in turn, will benefit in the long term not only investors but also our planet. Energy sustainability has always been a priority issue for Musk, as he not only genuinely worries about the future of humanity, but also constantly does things that will significantly improve our lives.
© 2021, Eva Fox. All rights reserved.
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About the Author
Eva Fox joined Tesmanian in 2019 to cover breaking news as an automotive journalist. The main topics that she covers are clean energy and electric vehicles. As a journalist, Eva is specialized in Tesla and topics related to the work and development of the company.