Elon Musk wants to solve Bitcoin's sustainability problem
Elon Musk wants to solve Bitcoin's sustainability problem

Elon Musk, CEO of Tesla, and Michael Saylor, CEO of MicroStrategy, met two major North American bitcoin miners on Monday.

After the digital currency crash last week, Elon Musk's efforts to increase the adoption rate caused huge volatility, and Bitcoin stuck with its rally on Tuesday.

Michael Saylor said on Twitter that the organization has agreed to form a Bitcoin Mining Committee to increase energy transparency and accelerate implementation of global sustainability plans.

As Elon Musk tweeted Monday: The organization is committed to promoting the use of existing and planned renewable energies and is forcing miners to do so.

According to Saylor, group members include representatives from Argo Blockchain, Blockcap, Core Scientific, Galaxy Digital, Hive Blockchain Technology, Hut 8 Mining, Marathon Digital Holdings, and Riot Blockchain.

Several other companies posted their support for the plan on Twitter. Hut 8 Mining confirmed that this was part of the discussion reported and led by Saylor, writing on Twitter: We want the market to know that sustainable mining is possible and a priority.

Peter Wall, CEO of Argo Blockchain, said on Twitter: As a founding member of the Bitcoin Mining Committee, Argo Blockchain works hard to achieve sustainable mining and improve transparency.

Merrick Okamoto, CEO of Marathon Digital Holdings, said on Twitter that the company is doing its part to promote sustainable mining and transparency.

When Tesla began accepting Bitcoin as a car payment method in March, Elon Musk withdrew that position earlier this month, sparking concerns about the environment.

Elon Musk wrote on Twitter: "Cryptocurrency is a good idea across the board. We think it has a bright future, but it doesn't fetch a great price for the environment."

Since then, Elon Musk has spoken numerous times about the sustainability of cryptocurrencies.

Bitcoin mining uses a lot of electricity, and according to one estimate, it uses electricity from the Netherlands every year.

This contradicts Tesla's stated mission to accelerate the global transition to sustainable energy.

There is no detailed information available on how miners want to solve Bitcoin's environmental problems - whether that's by changing the blockchain or taking measures to offset carbon dioxide emissions as is the case with large companies.

Elon Musk criticized energy issues, halting Bitcoin payments to Tesla earlier that month, undermining Bitcoin's price. More regulatory comments on the Chinese cryptocurrency have come under pressure.

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