Key Highlights:
- Price of Bitcoin hikes from $38,074 to $39,500 after Musk’s tweet
- Tesla CEO Elon Musk and MicroStrategy CEO Michael Saylor tweet about discussions regarding the sustainability of Bitcoin
- The leading entrepreneurs’ carried out a discussion with large North American miners regarding the cause
Bitcoin Mining Council
The fluctuating value of cryptocurrencies is no longer a surprise for crypto investors. Ever since their inception, the worth of cryptocurrencies is barely stagnant. On some days, a massive surge in the value is noticed, which is influenced by the participation of public figures like Elon Musk and Jeff Bezos. On other days, the value of cryptocurrencies undergoes depreciation and its value plunges by millions, and sometimes by billions.
For a long time, Elon Musk has had a strong influence over the value of cryptocurrencies. The Tesla CEO has been an ardent supporter of cryptocurrencies. Musk’s tweets have had an influential impact on the value of cryptocurrencies for the past few years. It either causes the downfall of value or leads to great hikes. Recently, the value of Bitcoin witnessed a hike after Musk tweeted about his conversations concerning its sustainability
Musks’ Tweet
On 24 May, Elon Musk took to Twitter to announce his discussions regarding the sustainability of the world’s largest cryptocurrency, the Bitcoin. Musk tweeted about having active discussions with the North American miners regarding the sustainability of the cryptocurrency.
Spoke with North American Bitcoin miners. They committed to publish current & planned renewable usage & to ask miners WW to do so. Potentially promising.
— Elon Musk (@elonmusk) May 24, 2021
After Musk’s tweet, the price of Bitcoin underwent a spike of about 4%. According to statistics provided by coindesk, the price of Bitcoin was trading around $38,074 when Musk tweeted regarding the discussion. Within a few minutes, the price of Bitcoin skyrocketed to over $39,500. This accounted for an overall upsurge in the cryptocurrency’s value by 17% in the last 24 hours.
Musk’s tweet came two weeks after he had announced the suspension of transactions carried out in Bitcoin for vehicle purchases for Tesla. Citing environmental concerns, Elon Musk stated that bitcoin minings are rapidly increasing the consumption of fossil fuels which are a serious hazard to the environment. Although Bitcoin holds potentially promising future aspects, the proceedings cannot be carried out causing a great cost to the environment. “Cryptocurrency is a good idea on many levels and we believe it has a promising future, but this cannot come at great cost to the environment,” he stated.
Saylor’s Tweet and Formation of Bitcoin Mining Council
On a simultaneous note, an American entrepreneur and CEO of Microstrategy, Michael Saylor, also took to Twitter to announce that he had moderated a discussion between some of the leading bitcoin miners in North America and Elon Musk in the afternoon of 23 May. The discussion was carried out between Musk, Saylor, and executives from major bitcoin miners in North America, including Argo Blockchain, Blockcap, Core Scientific, Galaxy Digital, HIVE Blockchain, Marathon Digital Holdings, Riot Blockchain, and Hut 8 Mining. The discussion helped to establish a Bitcoin Mining Council, to promote energy usage transparency and accelerate sustainability initiatives worldwide. This includes standardization of energy reporting requirements, setting of industry-wide Environmental, Social, and Corporate Governance (ESG) goals, and further education and growth of the marketplace.
Also Read: Tesla invested $ 1.5 billion in Bitcoin: Promises Payment
