CEOs Elon Musk and Michael Saylor ‘convinced’ miners to form Bitcoin Mining Council

Electric car company Tesla’s Chief Executive Officer Elon Musk has revealed speaking with North American bitcoin miners, convincing them to form a Bitcoin Mining Council in an attempt to advance the importance of energy usage transparency and accelerate sustainability initiatives worldwide.

On Monday, after the meeting hosted by MicroStrategy CEO Michael Saylor, the entrepreneur posted on Twitter, “Spoke with North American bitcoin miners. They committed to publish current and planned renewable usage & to ask miners worldwide to do so.”

Musk ended his tweet by saying such a move is potentially promising for the industry that has been ravaged by complaints and criticisms brought about by its negative impacts on the environment.

Saylor and Musk connection

The MicroStrategy figurehead also used Twitter to express his thoughts about the event, saying he was pleased to host the meeting between the self-proclaimed “Dogefather” and the top bitcoin miners of the region, ultimately resulting in the consensus of forming the Bitcoin Mining Council, much to the delight of the official, and Musk as well.

Saylor also shared that among those included in the meeting were executives from Argo Blockchain, Blockcap, Core Scientific, Galaxy Digital, Hive Blockchain, Hut 8 Mining, Marathon, and Riot Blockchain.

According to the CEO, after the meeting, the present executives collectively made the decision to establish an organization to standardize energy reporting while pursuing ESG goals and helping the market be educated and eventually grow.

Crypto mining woes

A series of events have compounded woes to the now severely challenged industry of crypto mining.

Asian giant China has imposed measures to intensify its crackdown on remote mining activities even in the Inner Mongolian region. The Iranian government, on the other hand, also announced they will halt the operations of licensed crypto miners during peak hours of energy consumption.

Last month, the global hash rate for mining bitcoin severely dropped after mining centers in a Chinese province were shut down following a coal mine accident.


Image courtesy of Cointelegraph News/YouTube

Micky is a news site and does not provide trading, investing, or other financial advice. By using this website, you affirm that you have read and agree to abide by our Terms and Conditions.
Micky readers - you can get a 10% discount on trading fees on FTX and Binance when you sign up using the links above.