Musk communicates with bitcoin miners about sustainable mining, has his heart set on dogcoin development, jokingly says “changing fees based on the phases of the moon is awesome”
Tesla CEO Elon Musk tweeted that he spoke with a North American bitcoin miner about the sustainability of the cryptocurrency and said “it’s potentially promising.
At 3:42 p.m. ET Monday, Tesla CEO Elon Musk tweeted that he spoke with North American bitcoin miners about the sustainability of cryptocurrencies, saying “it’s potentially hopeful.
Not surprisingly, the tweet had an immediate impact on the crypto market. Bitcoin’s price spiked from $38,000 to nearly $40,000 at 3:57 p.m., according to BitTweet terminal data.
Michael Saylor, a devout Bitcoin advocate and CEO of software company MicroStrategy, retweeted Musk’s tweet and explained, “Yesterday, I had the pleasure of hosting a meeting between Musk, leading North American Bitcoin miners, and companies that have agreed to form a Bitcoin Mining Council to increase transparency in energy use and accelerate global sustainability initiatives. Argo / Core Scientific / Blockcap / Galaxy Digital / Hive Blockchain / hut 8 mining / Riot Blockchain / and other companies attended the The conference was attended by companies such as Argo / Core Scientific / Blockcap / Galaxy Digital / Hive Blockchain / hut 8 mining / Riot Blockchain / and others and decided to create an organization to standardize energy reporting, pursue industry ESG goals and educate and develop the market.”
We previously reported that Tesla announced it had suspended Bitcoin payments due to environmental concerns. At the time, he claimed the company was considering using other cryptocurrencies with ≤1 percent of BTC energy/transaction volume.
It’s unclear exactly what the newly formed mining committee means, and Argo CEO Peter Wall confirmed that Argo joined the committee. But what is certain is that the crypto market did stir up a ripple because of Musk’s tweet.
The richest man certainly didn’t forget to lift a hand of dogcoin, as he continued to yell about improving dogcoin development on Twitter, saying, “Someone suggested changing the dogcoin fee based on the phases of the moon, which is awesome haha,” with an accompanying link urging people to GitHub and Reddit if they want to help dogcoin development Submit ideas.
The data shows that Dogcoin rose 16.89% during the day, with the price rebounding to $0.356.
Musk’s tweets have been the barometer of the crypto market over the past year, with his tweets and comments about cryptocurrencies often sending prices soaring or plummeting.
Commenting on this, Qio Wang, partner/former head of product at DeFi Alliance/Messari, said, “Musk is not interested in PoS or Bitcoin at all. The whole drama is about hype for his own core business, which is energy”.
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