Recap: Elon Musk, a bona fide crypto mover and shaker, said on Twitter earlier this month that Tesla would no longer be accepting Bitcoin for transactions due to environmental concerns. Specifically he said they were concerned about the rapidly increasing use of fossil fuels for Bitcoin mining and transactions, especially coal, which he said has the worst emissions of any fuel.
Executives from some of the leading Bitcoin mining outfits in the US recently met to discuss the impact that mining has on the environment.
The event was hosted by MicroStrategy CEO Michael Saylor and attended by representatives from Argo, Blockcap, Galaxy Digital, Hive Blockchain Technologies and Marathon Digital Holdings, among others. Tesla’s Elon Musk was also in attendance, and spoke about the gathering on Twitter.
Execs from @ArgoBlockchain , @blockcap, @Core_Scientific, @GalaxyDigitalHQ, @HiveBlockchain, @hut8mining, @MarathonDH & @RiotBlockchain were present & decided to establish an organization to standardize energy reporting, pursue industry ESG goals, & educate+grow the marketplace.
— Michael Saylor (@michael_saylor) May 24, 2021
The miners agreed to form the Bitcoin Mining Council in order to promote energy usage transparency and improve sustainable mining practices.
Tesla’s move earlier this month, along with a more recent crypto crackdown in China, have resulted in each Bitcoin losing approximately $18,000 in value in less than two weeks. Several other popular coins including Litecoin, Ethereum and Dogecoin have largely mirrored Bitcoin’s recent slide.
Image credit Photocreo Michael Bednarek