Elon Musk discusses prospects for ‘green’ Bitcoin mining with miners

North American mining companies will form the Bitcoin Mining Council [Bitcoin Mining Council], with the aim of reducing greenhouse gas emissions across the industry. The decision was taken at a meeting with Elon Musk.

Execs from @ArgoBlockchain , @blockcap, @Core_Scientific, @GalaxyDigitalHQ, @HiveBlockchain, @hut8mining, @MarathonDH & @RiotBlockchain were present & decided to establish an organization to standardize energy reporting, pursue industry ESG goals, & educate+grow the marketplace.

— Michael Saylor (@michael_saylor) May 24, 2021

Against this backdrop, the cryptocurrency market capitalisation rose by more than 14%, according to data from CoinGecko. Bitcoin rose by almost 12%.

As of writing, the asset was trading at around $38,500.

The meeting was organised by MicroStrategy chief Michael Saylor. In conversation with the Tesla founder, the heads of Argo Blockchain, Blockcap, Core Scientific, Galaxy Digital, HIVE Blockchain, Hut8 Mining, Marathon and Riot Blockchain participated.

“The participants decided to create an organization to standardise energy reporting, achieve industry ESG goals, education and market development,” according to a statement from Saylor.

According to Musk, the companies agreed to disclose data on the use of renewable energy in their operations, and to share their plans in this area. The billionaire added that they have committed to urging other miners to do the same.

“Potentially promising,” — noted the founder of Tesla.

One of the earliest Bitcoin miners, Marshall Long, said that Musk talked to representatives of companies that control “a very and very small hash rate” and to investors who invest in subcontractors.

To clarify
He talked to companies who control a very very small amount of hashrate
And investors who invest in sub par ops.

If he really really wanted action items from folks who move the scene, he should have talked to @TexasBlockchain (control about 15% of network)
Coinmint

— Marshall Long (@OGBTC) May 24, 2021

According to Long, if the billionaire wants to change the situation, he should talk to Coinmint and the members of the non-profit The Texas Blockchain Association, which together control about 15% of the hashrate.

“Don’t expect any changes, that’s what I’m saying”, — he concluded.

Earlier, Musk engaged in a debate about the scalability and energy consumption of Bitcoin. He said the industry has already surpassed middle-income countries in greenhouse gas emissions. He proposed that the ten largest mining companies publish audit reports on the share of “green” energy in their activities.

On May 13, Tesla announced the halt of sales of electric vehicles for digital gold due to concerns about the environmental impact of cryptocurrency mining.