Weeks after Tesla’s statement that it will no longer accept Bitcoin as a payment method for its electric vehicles, the automaker’s chief executive revealed that they are in discussions with North America-based Bitcoin miners.
According to Musk’s recent tweet, the discussion relates to the miners’ commitment “to publicize current & planned uses of renewables” in an effort to create sustainability initiatives around the world.
MicroStrategy CEO Hosts Meeting
In response, MicroStrategy CEO Michael Saylor revealed that he was hosting the meeting. Saylor also said that the meeting participants included leading Bitcoin mining companies 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 to form the Bitcoin Mining Council, an industry working group that will organize initiatives to standardize energy reporting, pursue ESG (Environmental, Social, Corporate Governance) industry goals, and further educate and grow crypto and blockchain. room. In line with this goal, the Bitcoin Mining Board will promote transparency of energy use and help accelerate sustainability initiatives around the world.
Argo Blockchain CEO Peter Wall confirmed that their company is a founding member of the board. “As a founding member of the Bitcoin Mining Board, Argo will push hard for sustainable mining and more transparency. ” shared on Twitter. Marathon Digital Holdings and Hut 8 Mining have also confirmed their participation on the board.
The board’s formation follows a week of intensive corrections in the crypto and blockchain industry that saw Bitcoin plummet to as low as $30,000 amid China’s Bitcoin mining ban and other regulatory issues.
According to a study from the scientific journal Nature Communications, China had more than 75% dominance in Bitcoin hashrate and processing power through mid-2022. This is expected to change radically in the coming months, following China’s imposition of a mining ban in addition to a stricter regulatory framework. for crypto-related companies in its domain.