Bitcoin’s price surges as Elon Musk and Michael Sailor engage miners

Bitcoin’s price surges as Elon Musk and Michael Sailor engage miners
фото показано с : invezz.com

2021-5-25 13:48

Earlier this month, Tesla announced its decision to suspend payments for its products using Bitcoin (BTC/USD). The electric car maker cited environmental concerns since Bitcoin mining uses too much fossil fuel.

However, the company’s chief executive officer Elon Musk said recently that he has discussed with executives of Bitcoin mining companies in North America for a way forward.

Spoke with North American Bitcoin miners. They committed to publish current & planned renewable usage & to ask miners WW to do so. Potentially promising.

— Elon Musk (@elonmusk) May 24, 2021

“They committed to publish current & planned renewable usage and to ask miners WW to do so,” he added while tweeting about the outcome of the discussion.

Following the announcement, Bitcoin surged to $39,405 from its previous value of $39,940.

Microstrategy’s chief also in the discussion

At the same period, Musk was tweeting, Michael Saylor, chief executive officer of MicroStrategy, the largest corporate holder of Bitcoin, tweeted about his meeting with Musk.

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

He revealed that he recently had a meeting with Musk and Bitcoin miners in North America to discuss the best way to deal with the environmental situation.

The miners present in the discussion include Hut 8 Mining, Riot Blockchain, HIVE Blockchain, Galaxy Digital, Blockcap, as well as Argo Blockchain.

Promoting energy usage transparency

Saylor disclosed that the miners have agreed to promote energy usage transparency by forming the Bitcoin Mining Council. The association aims to improve sustainability initiatives all over the world for Bitcoin mining. The outcome of the discussion provides that the miners will ensure standardization of energy reporting requirements and set of social, environmental, and Corporate Governance goals.

The news is coming at a period when the mining of cryptocurrencies has been getting a lot of heat lately. The mining industry is facing a serious issue when it comes to the environmental impact of Bitcoin mining. Apart from this issue, it’s also in a battle with regulatory bodies, especially in China where serious restrictions have been placed on cryptocurrencies.

The post Bitcoin’s price surges as Elon Musk and Michael Sailor engage miners appeared first on Invezz.

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