Weeks after Tesla’s pronouncement that it will no longer accept Bitcoin as a payment method for its electric vehicles, the car manufacturer’s chief executive disclosed that they have are in discussion with Bitcoin miners based in North America.
According to Musk’s recent tweet, the discussions were in relation to the miners’ commitment “to publish current & planned renewable usage” in an effort to create a sustainability initiative worldwide. The initial discussions were “potentially promising,” added Musk. Notably, Bitcoin jumped by around $2,000 in base price after the tweet.
In response, MicroStrategy CEO Michael Saylor disclosed that it was him who hosted the meeting. Saylor also shared that participants of the meeting included leading Bitcoin mining firms from North America, with executives from Argo Blockchain, Blockcap, Core Scientific, Galaxy Digital, Hive Blockchain, Hut 8 Mining, Marathon Digital Holdings, and Riot Blockchain participating.
The meeting was convened by Saylor in order to form the Bitcoin Mining Council, an industry working group that would organize initiatives to standardize energy reporting, pursue industry ESG (Environmental, Social, Corporate Governance) goals, and further educate and grow the crypto and blockchain space. In line with these goals, the Bitcoin Mining Council would promote energy usage transparency and help accelerate sustainability initiatives worldwide.
Argo Blockchain CEO Peter Wall confirmed that their firm was a founding member of the council. “As a founding member of the Bitcoin Mining Council, Argo will push hard for sustainable mining and more transparency. This is the way!” Wall shared on Twitter. Marathon Digital Holdings and Hut 8 Mining have also confirmed their participation in the council.
The council’s formation follows a week of intensive correction in the crypto and blockchain industry which saw Bitcoin dipping to the $30,000 level amid bans on Bitcoin mining in China and other regulatory woes in the space.
According to a study from scientific journal Nature Communications, China has had over 75% dominance in Bitcoin hashrate and processing power until mid-2020. This is expected to radically shift in the coming months, following China’s imposition of a mining ban alongside tighter regulatory frameworks for crypto-related firms within its domain.
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