BITCOIN: MicroStrategy CEO Michael Saylor announced on Monday that, following a weekend meeting with Tesla CEO Elon Musk and “leading Bitcoin miners in North America,” the group has agreed to form a Bitcoin Mining Council to “promote energy usage transparency [and] accelerate sustainability initiatives worldwide.”
Earlier in the day, Musk tweeted that the group had “committed to publish current & planned renewable usage & to ask miners WW to do so.” Possibly promising.”
Representatives from Argo Blockchain, Blackcap, Core Scientific, Galaxy Digital, Hive Blockchain Technologies, Hut 8 Mining, Marathon Digital Holdings, and Riot Blockchain were among those in the group, according to Saylor.
Emails sent to each of the companies mentioned by Saylor were not immediately returned Monday, but a representative from Galaxy confirmed to Bloomberg that a representative took part in the call.
Several other companies mentioned in the article tweeted their support for the plan. Hut 8 Mining confirmed that it was involved in the discussions mentioned by Saylor, tweeting that it would “educate the market that sustainable mining is possible and a priority.”
“As a founding member of the Bitcoin Mining Council, Argo will push hard for sustainable mining and greater transparency,” said Argo Blockchain CEO Peter Wall.
This is the correct path!” Marathon Digital Holdings’ executive chairman, Merrick Okamoto, tweeted that the company would do its part “to contribute to sustainable mining and transparency.”
While Tesla began accepting Bitcoin as payment for vehicles in March, Musk reversed that position earlier this month, citing environmental concerns.
“Cryptocurrency is a good idea on many levels, and we believe it has a promising future,” Musk tweeted. “However, this cannot come at the expense of the environment.” He’s mentioned cryptocurrency’s sustainability issue several times since then.
According to one estimate, bitcoin mining consumes as much electricity as the Netherlands does in a year. This contradicts Tesla’s stated mission of “accelerating the world’s transition to sustainable energy.”
Specifics on how the miners planned to address Bitcoin’s environmental issues, whether through changes to the blockchain or carbon offsetting measures like large corporations, were not available Monday.