Elon Musk, Michael Saylor establish Bitcoin Mining Council to promote renewable energy usage

  • A group of industry leaders in the cryptocurrency space has formed the Bitcoin Mining Council to promote energy usage transparency.
  • Elon Musk and Michael Saylor brought together the new industry group to pursue environmental, social and corporate governance goals concerning mining the leading digital asset.
  • This comes at a time when China has once again banned Bitcoin and mining activities. 

While China has extended its crackdown on cryptocurrencies, MicroStrategy CEO Michael Saylor and Elon Musk have revealed plans to establish a new council focused on Bitcoin mining.

North America to take the lead in Bitcoin mining

Tesla CEO Elon Musk announced in a Tweet, indicating that he spoke with Bitcoin miners based in North America. The meeting outlined a plan for renewable energy usage and disclosing their current methods of obtaining renewable power. According to Musk, the miners also urged others in the industry to do the same.

Saylor announced that after a meeting with Musk and leading BTC miners in North America over the weekend, the group has agreed to form a Bitcoin Mining Council to promote energy usage transparency and accelerate sustainability initiatives worldwide. 

In addition to his continuous and growing incorporation of Bitcoin into MicroStrategy’s balance sheet, according to Saylor, his entities collectively hold 111,000 of the bellwether cryptocurrency. 

The MicroStrategy CEO added that the group included representatives from Argo Blockchain, Blockcap, Core Scientific, Galaxy Digital, Hive Blockchain Technologies, Hut 8 Mining, Marathon Digital Holdings and Riot Blockchain. 

The new industry group also aims to pursue broad environmental, social and corporate governance goals concerning cryptocurrency mining and educate the public on the process works. 

Musk’s decision to halt Bitcoin payments for his company, Tesla, due to environmental concerns related to mining led to one of the worst declines in the cryptocurrency market. 

Despite Musk’s previous concerns on the leading cryptocurrency, he continues to hold Bitcoin on Tesla’s balance sheet and has previously revealed that he has not sold any BTC. Misconceptions about the negative impact the mining process had on the environment continue to loom, especially with the recent Chinese crackdown on crypto miners in the country.

Bitcoin mining companies in China have opted to cease operations due to the news that Chinese authorities were planning a crackdown on cryptocurrency mining. Large operators, including Huobi Mall, announced that it would suspend its mining business in the country,

Last week, China’s major trade associations even released coordinated warnings against cryptocurrency investment. Citizens were encouraged to report any crypto mining activities they have witnessed through a telephone hotline that was recently set up. 

Although China’s ban on cryptocurrency is nothing new, the rising superpower’s move has continued to wreak havoc on the digital asset space. 

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Cryptos feed

Latest Crypto News

Latest Crypto News & Analysis

Editors’ Picks

Crypto bulls unfazed by flash crash

Bitcoin price action initially shakes off strong selling pressure, finds buyers at support, then resumes some selling pressure. Ethereum price action mixed post-all-time high rejection. XRP price awaits its own bullish breakout and an opportunity to outperform its peers.

More Cryptocurrencies News

MATIC price ready for new all-time highs as $188 million flow into Polygon

The total number of transactions on Polygon network dropped nearly 15% due to a rise in transaction fees over the past week. This hasn’t negatively impacted the network as the number of unique daily active users remained stable. 

More MATIC News

AVAX price offers a bullish opportunity before Avalanche hits new all-time highs

Avalanche (AVAX) price has seen a bullish outbreak on Thursday after it broke out above – and then retested – the red descending trend line at $61.62. With even more buyers and bulls coming in, expect a run towards new all-time highs at $81.

More AVAX News

XLM price building base for bullish breakout

Stellar bulls are in the last phase of completing a bullish triangle. As XLM price is getting squeezed against the base ($0.40), expect a quick breakout of 12%. After taking a breather, expect another 10% of profits to follow. 

More Stellar News


Bitcoin Weekly Forecast: Markets revert to mean, but BTC price remains indecisive

Bitcoin price shows considerable strength after springing from the recent crashes. Still, it is uncertain whether the current bullish impulse will morph into a new uptrend or lead to a more profound decline.

Read the weekly forecast