Elon Musk Says He Spoke With 'North American BTC Miners' About Sustainability
2 min read
Elon Musk fired off another ambiguous tweet about BTC today, sending the price up about $2,000.
“Spoke with North American BTC miners,” Musk wrote at 3:42 pm Eastern. “They committed to publish current & planned renewable usage & to ask miners WW to do so. Potentially promising.”
As with all of Musk’s tweets, it had an immediate and significant effect on the crypto markets—by 3:57pm, the price of BTC had shot from around $38,000 to over $40,000.
Spoke with North American BTC miners. They committed to publish current & planned renewable usage & to ask miners WW to do so. Potentially promising.
— Elon Musk (@elonmusk) May 24, 2021
Michael Saylor—the CEO of the software company MicroStrategy and a devout BTC advocate—said he led a meeting yesterday with Musk and BTC mining companies, such as Argo and Hut 8. He also said these miners “have agreed to form the BTC Mining Council to promote energy usage transparency & accelerate sustainability initiatives worldwide,” though it’s yet unclear what that means exactly.
Execs from @ArgoBlockchain , @blockcap, @Core_Scientific, @GalaxyDigitalHQ, @HiveBlockchain, @hut8mining, @MarathonDH & @RiotBlockchain were present & decided to establish an organization to standardize energy reporting, pursue industry ESG goals, & educate+grow the marketplace.
— Michael Saylor (@michael_saylor) May 24, 2021
Peter Wall, the CEO of Argo, confirmed that Argo has joined the newly formed “BTC Mining Council.”
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 BTC Mining Council, Argo will push hard for sustainable mining and more transparency.
This is the way!#ARB https://t.co/503flx3X8v
— Peter Wall (@PeterGWall) May 24, 2021
Tesla put $1.5 billion in BTC on its balance sheet back in February and said it would start accepting BTC as payment for its cars. Earlier this month, Musk announced Tesla would no longer accept BTC due to environmental concerns.
Whether Saylor’s “BTC Mining Council” can do anything about BTC’s climate impact remains to be seen. But it’s evidently already having on impact on Musk—and the BTC market as a result.
