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

By: Ali Raza
Ali Raza
Ali plays a key role in the cryptocurrency news team. He loves travelling during his spare time and enjoys… read more.
on May 25, 2021
  • Bitcoin mining has been receiving backlash lately as stakeholders pointed out its danger to the environment.
  • Elon Musk and Michael Saylor said they engaged Northern Bitcoin miners to discuss more measure.
  • The miners have also formed a council to promote energy usage transparency around the world.

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.

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“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.

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.

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