24 May 2021
Crypto enthusiasts Elon Musk and Michael Saylor met with North American Bitcoin miners to establish ways to implement the use of renewable energy sources for the sector. Following this announcement, the price of BTC shot upwards to $40K levels.
Musk stated that the talk with miners was successful, as they had jointly agreed to explore renewable energy sources when mining Bitcoin. Musk also added that more talks with miners worldwide would be established to ensure that the issue of BTC mining on the environment is solved.
MicroStrategy’s CEO, Saylor, stated that the team had agreed to form a Bitcoin Mining Council. The council will be responsible for ensuring transparency in mining energy usage to foster a more sustainable model.
The impact of Bitcoin mining on the environment has made headlines in recent days, given that Tesla announced that it would no longer accept BTC as a means of payment because of the devastating effects of BTC mining on the environment. The announcement by Tesla was a major cause of the massive dip in cryptocurrency prices.
With the news about this mining, the broader market is showing signs of recovery. Many hope that Tesla will reverse its decision and return to its highly beneficial partnership with the largest cryptocurrency.
Musk has been a major supporter of cryptocurrencies, and his tweets about the market have a positive effect on prices. Musk’s announcement about Tesla accepting Bitcoin as a means of payment led to the cryptocurrency making new monthly highs. However, Musk stated that he was increasingly concerned about the effects of BTC mining on the environment, hence his decision to halt the partnership.
Bitcoin mining and the high amounts of energy the process consumes have been a heated debate for several months now. A recent report stated that Bitcoin mining activities consumed more energy than Argentina. However, it is a highly contested topic, given that others have come to BTC’s defense.
In April, Square and Ark Invest published a Bitcoin whitepaper that described how BTC mining could incentivize the renewable energy sector. According to the whitepaper, transitioning Bitcoin mining into the renewable energy sector would tap into the wasted energy in the space and promote its growth.
The recent meeting with Musk and North American miners is in line with the proposals laid out in the whitepaper to show a better and cleaner way to mine Bitcoin.
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