Home Crypto Elon Musk and Michael Saylor Spearhead Meeting To Address Bitcoin’s Environmental Impact

Elon Musk and Michael Saylor Spearhead Meeting To Address Bitcoin’s Environmental Impact

MicroStrategy CEO Michael Saylor reveals that he hosted a gathering with Tesla chief Elon Musk and the executives of eight North American crypto mining corporations to debate the environmental impression of Bitcoin (BTC).

In a brand new tweet, Saylor says that through the dialogue, the events agreed to kind the Bitcoin Mining Council that can focus on making the BTC mining trade sustainable and extra clear with its vitality utilization.

“Yesterday, I used to be happy to host a gathering between Elon Musk and the main Bitcoin miners in North America. The miners have agreed to kind the Bitcoin Mining Council to advertise vitality utilization transparency and speed up sustainability initiatives worldwide.

Execs from Argo Blockchain, Blockcap, Core Scientific, Galaxy Digital, HIVE Blockchain, Hut 8 Mining, Marathon Digital Holdings, and Riot Blockchain have been current and determined to ascertain a company to standardize vitality reporting, pursue trade ESG (environmental, social, governance) objectives, and educate+develop {the marketplace}.”

Musk, who had just lately made statements concerning Bitcoin’s vitality consumption that have been largely attributed to the flagship crypto asset’s subsequent collapse, confirms that the assembly happened.

“Spoke with North American Bitcoin miners. They dedicated to publish present & deliberate renewable utilization & to ask miners worldwide to take action. Potentially promising.”

Saylor’s assembly with the SpaceX CEO just isn’t the primary dialogue between the 2 billionaires. Saylor additionally performed a key function in getting Musk to wager on Bitcoin, first tweeting at Musk earlier than having formal discussions.

“If you need to do your shareholders a $100 billion favor, convert the TSLA steadiness sheet from USD to BTC. Other corporations on the S&P 500 would comply with your lead and in time, it might develop to change into a $1 trillion favor.”

Despite his acknowledged issues about Bitcoin’s vitality utilization and its 50% collapse from all-time highs, Musk has stated Tesla has “diamond fingers” and has not indicated any intention to promote.

“Tesla is not going to be promoting any Bitcoin and we intend to make use of it for transactions as quickly as mining transitions to extra sustainable vitality. We are additionally taking a look at different cryptocurrencies that use <1% of Bitcoin’s vitality/transaction.”

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Featured Image: Shutterstock/abdrahimmahfar

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