Musk to Save Bitcoin and Calls for a ‘Mining Council’
Musk thinks Bitcoin is environmentally polluting, but plans to save it. That is why he is calling for a ‘my committee’.
The CEO of Tesla is nice and fickle. One minute he is big on Bitcoin, the next he feels it is too environmentally polluting and withdraws all his support. At the moment he is in the middle of this and sees the benefits of the digital currency. But something needs to be done about the energy guzzling mining.
Musk is going to save Bitcoin
See, he has a point. The crypto must be ‘mined’. Many people think that new Bitcoins are being created, that is not entirely true. Miners ensure, among other things, that transactions are processed in blocks. They secure the network and receive a fee in Bitcoins for this. This can certainly be a lucrative business. Mining Bitcoins, however, consumes a lot of (fossil) energy.
And Musk doesn’t like that. That’s why he has spoken with North American miners of the currency. They have committed to form a ‘Bitcoin Mining Council’.
Promote transparency of energy consumption and accelerate sustainability initiatives worldwide
Purpose of the new Commission
They have also agreed to publish their current and planned renewable uses. The meeting was hosted by Michael Saylor, CEO of Microstrategy. He was not alone there. For Saylor went on to say that the meeting included executives from Argo Blockchain, Blockcap, Core Scientific, Galaxy Digital, Hive Blockchain, Hut 8 Mining, Marathon and Riot Blockchain.
I don’t know these organizations, but they are apparently significant players in the mining industry. According to the CEO of Microstrategy, the executives in attendance have “decided to create an organization to standardize energy reporting, pursue the industry’s ESG goals, and educate and grow the market.”
Sounds good. Musk calls it potentially promising. The question is whether he will have confidence in the currency again in the long term, or whether he will go for Dogecoin.
