Elon Musk Met with Bitcoin Miners in North America

Elon Musk, who criticized the need for too much fossil fuel for Bitcoin mining and suspended Tesla’s vehicle sale with Bitcoin, met with Bitcoin miners in North America yesterday. 

Elon Musk Met with Bitcoin Miners in North America

Tesla CEO Elon Musk criticized Bitcoin’s high energy use and stated that BTC is a highly centralized digital currency. Additionally, China’s recent crypto restrictions and pressure on BTC miners have opened new possibilities for miners in North America. 

At the meeting hosted by the CEO of MicroStrategy, where Bitcoin miners and Elon Musk came together, Bitcoin miners and current and planned renewable energy issues were discussed. Current and planned renewable energy issues were discussed with Bitcoin miners. Stating that the Bitcoin miners’ agreements on the use of renewable energy are “promising”, Musk said in a statement on Twitter,

Spoke with North American Bitcoin miners. They committed to publish current & planned renewable usage & to ask miners WW to do so. Potentially promising

stated.

MicroStrategy CEO Hosted the Meeting 

At the meeting organized by Michael Saylor, CEO of MicroStrategy, one of the world’s most famous business intelligence companies, Saylor talked about his optimism about a standardized and transparent reporting of Bitcoin’s energy use.

Yesterday I was pleased to host a meeting between Elon Musk & the leading Bitcoin miners in North America. The miners have agreed to form the Bitcoin Mining Council to promote energy usage transparency & accelerate sustainability initiatives worldwide. Leading executives were present & decided to establish an organization to standardize energy reporting, pursue industry ESG goals, & grow the marketplace.

Saylor tweeted. 

Bitcoin Energy Usage FUD

 In early May, Tesla announced that payments will not be received with Bitcoin due to environmental concerns. However, Bitcoin, the largest digital currency in the world that was hit, fell massively in the following days. Finally, BTC and other cryptocurrencies have fallen terribly, with the Chinese Government’s announcement containing the possible pressure against Bitcoin mining facilities. After the actions in China, it offered North American Miners the opportunity to lead this industry.

Musk and Miners Meeting Raises Prices

Musk’s meeting with North American Bitcoin miners brought strong demand for cryptocurrencies. Bitcoin price recovered to $39,966 and Ethereum price to $2,754.

Currently, Bitcoin price is trading at 38,156, up 7.92 percent compared to 24 hours ago, and Ethereum price is trading at $2,573, up 18.74 percent.

SEE ALSO: Why Bitcoin Volatility Is Not a Problem

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