Bitcoin matured through its institutional rollout after the first four months of 2021. At the risk of forgetting the many works that the cryptocurrency still has to integrate on a large scale. Tesla and MicroStrategy, two of the most heavily invested in the world’s first digital token, held a meeting on the topic last weekend.
Elon Musk, CEO of Tesla, and Michael Saylor, MicroStrategy, have founded a new unit, the “Bitcoin Mining Council”, together with the “great miners of North America”. The goal: to invest together in the decarbonization of the cryptocurrency by using only renewable energies. Elon Musk tweeted a “potentially promising” project.
Yesterday I was excited to host a meeting between @elonmusk and the leading bitcoin miners in North America. The miners have agreed to form the Bitcoin Mining Council to promote transparency of energy use and accelerate sustainability initiatives around the world. https://t.co/EHgLZ9zvDK
– Michael Saylor (@michael_saylor) May 24, 2021
Announcing that meeting on Twitter Monday afternoon, Bitcoin again approached $ 40,000, with a high of $ 39,000 in a day punctuated by 17% growth. Since Tesla announced that it was withdrawing Bitcoin payments for environmental reasons, the price of the cryptocurrency has collapsed, which is being influenced even more by the strengthening of China’s anti-Bitcoin policy.
Educate the market
The participants and founders of the council are the following US companies: Argo Blockchain, Blockcap, Core Scientific, Galaxy Digital, Hive Blockchain Technologies, Hut 8 Mining, Marathon Digital Holdings and Riot Blockchain, as well as Tesla and MicroStrategy. For Hut 8 Mining, this initiative will “inform the market that sustainable mining is possible and a priority”.
This training reflects the “Crypto Climate Accord” initiated by the Energy Web Foundation last April. A few weeks before Elon Musk’s Volt-Face on Bitcoin, another gathering of companies, this time from Europe, pointed out the current impact of cryptocurrencies on carbon and the need to move to sustainable blockchains and be less energy-intensive.
The publication of this particular cryptocurrency climate change deal a month before Tesla’s announcement had shown that the topic separated cryptocurrency supporters from their critics.
“If we can make bitcoin green, it will be much easier and less risky for other companies to buy more bitcoins,” announced Jesse Morris, commercial director of the Energy Web Foundation. An optimism and a desire for progress that others do not share. “Some things simply cannot be clarified,” commented economist Alex de Vries, founder of the Digiconomist lobby and staunch critic of the environmental impact of Bitcoin.