Elon Musk Says Crypto Mining Council Is "Potentially Promising"

A Crypto Mining Council has been set up to promote greener practices, and reduce the high-energy consumption that crypto mining requires, with Elon Musk calling the plan “potentially promising”.

 The Bitcoin Mining Council is made up of a number of North American cryptocurrency miners who have come together to discuss issues relating to Bitcoin mining. At a recent meeting, Elon Musk’s Tesla joined companies including Argo Blockchain, MicroStrategy Inc, Marathon Digital Holdings, HIVE Blockchain Technologies Ltd, and Riot Blockchain Inc.

The Tesla CEO joined the group of Bitcoin miners and industry players who have stated they will publish current and future plans for renewable energy usage. Musk shared another tweet earlier this month which showcased his concerns with the use of fossil fuels for Bitcoin mining, which, along with China’s Bitcoin ban, sent the market into a downward spiral.

"We are concerned about rapidly increasing use of fossil fuels for Bitcoin mining and transactions, especially coal, which has the worst emissions of any fuel" 

However, Alex de Vries of the website Digiconomist spoke with the BBC about the issues that mining companies will face as they go  forward with the plan to find  greener sources of power:

"Even if we had disclosure, that doesn't change the natural incentive of these miners to search out the cheapest and most constant sources of power - which typically comes down to (obsolete) fossil fuels.Kentucky even came up with a tax break for Bitcoin miners to come and use their obsolete coalfields. So, I'm not seeing this trend towards more renewables."

Nonetheless, Argo CEO Peter Wall has a more positive view of the newly formed BMC, adding that Argo views it as 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" 

While the recently formed Bitcoin Mining Council may have made positive strides towards a greener Bitcoin, the market is still hovering around the $40,000 mark, making a big recovery from $30,000 last Sunday.

Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.