Elon Musk’s entry into the crypto mining space can turn the tide towards green crypto mining supported by renewables. North America’s crypto mining firms have the Bitcoin Mining Council to put efforts in this direction.
On Monday evening, May 24, Bitcoin (BTC) price jumped another 5% making a move above $38,000 after Elon Musk announced that he is currently in talks with North American Bitcoin miners. This announcement comes just a few days after China announced its crackdown on local Bitcoin miners last week.
The billionaire said that he has been talking to North American Bitcoin miners about the use of renewable energy for crypto mining. Elon Musk has been much vocal about the high energy usage for BTC mining. This also caused Tesla to suspend Bitcoin payments at the company. Musk who has always been in favor of green energy use and renewables is making the next move.
Spoke with North American Bitcoin miners. They committed to publish current & planned renewable usage & to ask miners WW to do so. Potentially promising.
— Elon Musk (@elonmusk) May 24, 2021
Musk’s announcement was enough for Bitcoin to skyrocket while approaching $40,000 levels. At press time, Bitcoin (BTC) is trading 10.21% up at a price of $38,515 with a market cap of $719 billion.
As it turns out, MicroStrategy CEO Michael Saylor was instrumental in setting up the meeting between Elon Musk and crypto miners. Executives of some of the biggest mining companies were present during the meeting. This includes big names like Argo Blockchain, Hive Blockchain, Riot Blockchain, Marathon group, and others. To promote sustainable mining operations worldwide, these miners also formed a Bitcoin Mining Council.
Yesterday I was pleased to host a meeting between @elonmusk & 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. https://t.co/EHgLZ9zvDK
— Michael Saylor (@michael_saylor) May 24, 2021
Saylor also suggested that this industry group will conduct large-scale social, environmental, and corporate governance goals for Bitcoin mining. It looks like Elon Musk sees a massive opportunity in the green crypto mining industry. Also, China’s crackdown on miners is forcing some big players to move overseas.
Peter Wall, Argo Blockchain CEO, also commented on the creation of the Bitcoin Mining Council.
“Today is a good day for the planet. Sustainability has always been at the heart of Argo’s mining operations and the newly-formed Bitcoin Mining Council is the next logical step in fostering a sectoral shift towards renewable energy. I enjoyed speaking with Elon Musk about these issues this weekend, and look forward to joining Michael Saylor and other leading North American miners in working to future-proof an industry that must collectively improve sustainable mining practices and take ESG concerns seriously,” said he.
North America and certain parts of Europe are some of the biggest crypto mining destinations after China. Besides, Musk’s entry into the crypto mining space could possibly help reduce the Chinese dominance.
Bitcoin (BTC) and Crypto Market Register Quick Recovery Partially Boosted by the News from Musk
After Sunday’s market crash, the crypto market has shown a strong recovery on Monday, May 24. At press time, the overall crypto market is up 16.53% moving above $1.65 trillion.
During the market crash, the Bitcoin price crashed all the way close to $30,000. BTC has gained over 25% since the bottom and is now eyeing a move past $40,000. As reported by CoinSpeaker, Bitcoin whales, miners and other hedge funds continued to accumulate during the dips.
The altcoin market is also showing a strong pullback with the top-ten altcoins gaining anywhere between 15-25%. After slipping under $2000 on Sunday, Ethereum (ETH) has gained over 30% since then and currently trading past $2600.
Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.