MicroStrategy CEO Michael Saylor tweeted Monday that after a weekend meeting with Tesla CEO Elon Musk and “major Bitcoin miners in North America,” the group agreed to form a Bitcoin Mining Council, “to promote transparency in energy use. [and] accelerate sustainable development initiatives around the world. “
Musk tweeted earlier today that the group “is committed to publishing the current and planned use of renewable energy and asking WW miners to do so.” Potentially promising. According to Saylor, the group included representatives from Argo Blockchain, Blockcap, Core Scientific, Galaxy Digital, Hive Blockchain Technologies, Hut 8 Mining, Marathon Digital Holdings and Riot Blockchain.
Yesterday I had the pleasure of arranging a meeting between @Elon Musk and the major Bitcoin miners in North America. The miners agreed to form the Bitcoin Mining Council to promote transparency in energy use and accelerate sustainability initiatives around the world. https://t.co/EHgLZ9zvDK
– Michael Saylor (@michael_saylor) May 24, 2021
Emails to each of the companies listed by Saylor were not immediately returned on Monday, but a Galaxy spokesperson confirmed to Bloomberg that a representative participated in the call. Several other companies mentioned tweeted their support for the plan. Hut 8 Mining confirmed that he was part of the discussions that Saylor referred to, tweeting that he would “educate the market that sustainable mining is possible and a priority.”
Peter Wall, CEO of Argo Blockchain, tweeted “As a founding member of the Bitcoin Mining Council, Argo will do everything possible for sustainable mining and more transparency. This is the way! »Merrick Okamoto, Executive Chairman of Marathon Digital Holdings tweeted the company would do its part “to contribute to sustainable mining and transparency”.
While Tesla began accepting Bitcoin as a form of payment for vehicles in March, Musk reversed that position earlier this month as he expressed concern for the environment. “Cryptocurrency is a good idea on many levels and we believe it has a bright future, but it can’t cost the environment dearly”, Musk tweeted. Since then, he has repeatedly noted the issue of the sustainability of the cryptocurrency.
Bitcoin mining uses a significant amount of electricity, using as much each year as the Netherlands, according to one estimate. This is at odds with Tesla’s stated mission to “accelerate the world’s transition to sustainable energy.” Details on how the miners planned to tackle Bitcoin’s environmental problems – whether by modifying the blockchain or using carbon offsets the way big companies are doing – were not available on Monday. .