North American Bitcoin Miners Council to be formed soon

Miners have agreed to form a Bitcoin Mining Council to increase transparency in energy use and accelerate global sustainability initiatives. It is reported that North American bitcoin miners will publish data on renewable energy use.

North American Bitcoin Miners Council to be formed soon

This morning, Michael Saylor, CEO of North American mining company MicroStrategy, said it hosted a meeting between Tesla CEO Elon Musk and North American bitcoin miners, who agreed to form a bitcoin mining committee to improve transparency in energy use and accelerate global sustainability initiatives. It was announced that the North American Bitcoin miners will publish data on renewable energy use.

The meeting was attended by eight executives from companies such as Argo Blockchain, Blockcap, Core Scientific, Galaxy Digital, Hive Blockchain, Hut 8 Mining, and Marathon Digital Holdings, who decided to form an organization that would standardize disclosure of energy consumption and seek to meet environmental, social and governance (ESG) goals.

Saylor tweeted, “Yesterday I had the pleasure of holding a meeting between Elon Musk and leading North American bitcoin miners. The miners have agreed to form a Bitcoin Mining Council to increase transparency in energy use and accelerate sustainability initiatives globally.”

Saylor also said the new industry group is committed to pursuing a wide range of environmental, social and corporate governance goals related to bitcoin mining and to educating the market on how mining is run.

Elon Musk was the first to release the news saying, “(I) spoke with North American bitcoin miners. They promised to post current and planned renewable energy usage and will ask global miners to do the same. It’s promising.”

The announcement comes as the price of bitcoin appears to have risen sharply. btc reached an intraday high of $39,960, offsetting previous declines.

Tesla’s decision to stop accepting bitcoin payments for environmental reasons may have caused the worst drop in bitcoin’s history. From peak to trough, the global digital asset plunged 54 percent, eventually falling to a low of under $30,000 before recovering. And the cryptocurrency community has strongly condemned Musk’s use of senior influence to allegedly manipulate the price of the currency.

While misconceptions about the negative environmental impact of bitcoin mining are nothing new, recent headlines about China’s crackdown on crypto miners out of environmental concerns have dampened investor sentiment. Several mainstream Chinese bitcoin mining companies have ended their operations in the country and relocated to more desirable jurisdictions.

Posted by:CoinYuppie,Reprinted with attribution to:https://coinyuppie.com/north-american-bitcoin-miners-council-to-be-formed-soon/
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