MicroStrategy CEO Michael Saylor had brokered a high-level meeting between the Tesla CEO Elon Musk and several other prominent business leaders. Late on Monday, both Saylor and Musk announced that the high-level talk led to the establishment of the Bitcoin Mining Council. This has reportedly brightened the prospects of North America’s Bitcoin (BTC) mining industry finally moving towards greater environmental sustainability.
Major industry leaders of Riot Blockchain, Marathon Digital, Hut 8 Mining, Hive Blockchain, Galaxy Digital, Blockcap, and Argos Blockchain are part of this newly formed council. In a tweet, MicroStrategy’s CEO Michael Saylor said that all the business leaders agreed to “promote energy usage transparency [and] accelerate sustainability initiatives worldwide.”
Saylor went on to indicate that the new industry group is committed to pursue broader goals related to Bitcoin mining such as environmental, social, and corporate governance goals. In fact, Bitcoin Mining Council will also reportedly educate the marketplace about the working process of BTC mining.
After the discussion with other business leaders, Elon Musk was the first person to tweet on the issue. He tweeted:
“Spoke with North American Bitcoin miners. They committed to publish current & planned renewable usage & to ask miners WW to do so. Potentially promising.”
Tesla’s decision to not accept Bitcoin due to environmental concerns caused the largest cryptocurrency’s price to plunge by 54%. It eventually bottomed at US$30,000 level and then bounced back to the current level of US$38,906.
After the announcement of the formation of Bitcoin Mining Council circulated, the price of Bitcoin rallied sharply to an intraday high of US$39,960 and successfully moved above the resistance level at US$38,000.
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