Elon Musk Meets With Bitcoin Miners to Discuss Environmental Impact

  • Elon Musk met with leading Bitcoin miners to discuss the environmental impact of his industry.
  • In a tweet, the CEO of Tesla called the next proposed steps “potentially promising.”
  • Bitcoin prices rose after Musk’s tweet from about $ 38,000 to a peak of $ 39,600.
  • See more stories on the Insider activity page.

Elon Musk joined a discussion among leading Bitcoin miners centered around ways to improve the environmental impact of cryptocurrency, Tesla’s CEO tweeted Monday.

MicroStrategy founder and CEO Michael Saylor said he has convened industry leaders such as Blockcap, Hut 8, Marathon Digital Holdings and Riot Blockchain to discuss forming an organization that sets reporting standards and goals. ESG for mining. Companies did not immediately respond to a request for comment.

“Miners have agreed to form the Bitcoin Mining Council to promote transparency in energy use and accelerate sustainability initiatives around the world,” he said. Saylor said in a tweet.

Bitcoin prices have gone from about $ 38,000 to a peak of $ 39,600 after Musk’s initial tweet, before falling back below $ 39,000.

MicroStrategy owns about 21,000 bitcoins as part of its treasury reserve policy, which was worth about $ 2 billion in April, according to its first-quarter financial disclosures.

The price of the currency has been particularly volatile this month after Musk expressed concerns about the environmental impact of mining cryptography and said Tesla would no longer accept the currency for car sales.

In response to Saylor’s tweet, the Blockcap miner in Texas highlighted its use of clean energy, saying that “56% of our electricity comes from carbon-free sources, and we will continue to work together with innovators and energy suppliers. to constantly increase that amount. ”

Marathon Digital Holdings Executive Chairman he tweeted , “As a founding member of the Bitcoin Mining Council, @MarathonDH will do our part to contribute to sustainable mining and transparency.”

Bitcoin extraction consumes more than 113 terawatt hours per year, slightly more than the Netherlands at 110 terawatt hours, according to a real-time estimate from the University of Cambridge Bitcoin Electricity Consumption Index.

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