Michael Stiller, CEO of Microstrategy, tweeted Monday that after meeting with Tesla CEO Elon Musk and “leading Bitcoin miners in North America,” the group agreed to form the Bitcoin Mining Council, “to increase energy use transparency and to accelerate global sustainability initiatives.” “
Earlier in the day, Musk tweeted that the group was “committed to publishing current and planned renewable experiments and asking miners to ask WW to do the same. Promising.” Were representatives of Marathon Digital Holding and Riot Blockchain.
Yesterday I was pleased to host a meeting between @elonmusk & the leading Bitcoin miners in North America. The miners have agreed to form the Bitcoin Mining Council to promote energy usage transparency & accelerate sustainability initiatives worldwide. https://t.co/EHgLZ9zvDK
— Michael Saylor (@michael_saylor) May 24, 2021
Emails referring to each company weren’t immediately returned Monday, but a Galaxy spokesperson confirmed to Bloomberg that a representative had attended the call.
Many of the companies mentioned tweeted their support for the scheme. Hut8Mining confirmed that this is part of the discussion mentioned by Sailor, by tweeting that it “educates the market that sustainable mining is possible and a priority.”
Peter Wall, CEO of Argo Blockchain, tweeted, “As a founding member of the Bitcoin Mining Council, Argo will strongly condemn sustainable mining and greater transparency. That’s the way it is.” Will. “
Great to be part of yesterday’s ground-breaking meeting led by @michaelsaylor with special guest @elonmusk, along with fellow miners. As a founding member of the Bitcoin Mining Council, Argo will push hard for sustainable mining and more transparency.
— Peter Wall (@PeterGWall) May 24, 2021
When Tesla began accepting Bitcoin as a vehicle payment in March, Musk reversed earlier this month, citing environmental concerns. “Cryptocurrency is a good idea on many levels and we believe it has a promising future, but it can’t come at a great price in the environment.” Since then, he has repeatedly commented on the cryptocurrency’s stability problem.
According to one estimate, the Bitcoin mine consumes a significant amount of electricity annually, using the same amount as the Netherlands. He disagrees with Tesla’s express mission of “accelerating the world’s transition to sustainable energy.”
Specifications about how miners plan to address Bitcoin’s environmental issues – whether by changing the blockchain or using carbon offsetting measures – were not made available to large corporations on Monday.