After a disastrous week in the Bitcoin industry and hate messages for Elon Musk, the Tesla founder on his new tweet mentioned that he had a word with North American Bitcoin Miners. They committed to publishing planned renewable usage. This latest tweet from the Bitcoin backing giant helped to push the price up. The immediate effect on the crypto market could be seen as the price of Bitcoin was around $40,000.
Michael Saylor, the CEO of the software company MicroStrategy mentioned in the press release that he had a meeting with Musk and some of the top Bitcoin mining companies who agreed to form a Bitcoin Mining Council. It will help in promoting energy usage and accelerating sustainability worldwide.
However, this new council has no intention to alter crypto software but to keep transparency. Both Saylor and Musk agreed that they would respect the fungibility of Bitcoin and don’t advocate discrimination between dirty and clean coins.
Post Meeting Result
After an hour of a closed-door meeting between Musk and Saylor, Bitcoin veterans started comparing untimely and unsuccessful New York Agreement of 2017. However, many users also point out how a small group of mining companies and top business leaders can profess to take forward the global community.
Marty Bent, the co-founder of the Great American Mining, said this meeting is quite concerning because there was no self-awareness. The last closed-door meeting that happened a few years back didn’t dish out a positive result.
Bitcoin moving to ESG
The formation of this council comes as top figures like Shark Tank star Kevin O’Leary have been regularly pushing the idea of the clean or dirty coin. However, industry experts want to ensure that the valid ESG concerns of people engaging in Bitcoin mining using coal are also put forward. In the council and Argo, other miners like Riot Blockchain, Marathon Core Scientific, Hive Blockchain, Blockcap, and others.