Cryptocurrency mining is reported to have a major carbon footprint as its emissions are on the same level as major power plants and factories. This became a fuelled topic of concern after Elon Musk refused to accept Tesla investments in the form of bitcoins because of the environmental concern.
The Tesla CEO changed his stance on bitcoin mining and announced his support on Twitter after a meeting with them which was hosted by Michael Saylor, founder of MicroStrategy. Musk’s change of heart came from the decision of the formation of “The Bitcoin Mining Council”. Which will focus on making bitcoin mining a less energy-consuming task and will set a standard for energy reporting.
The surprising aspect of this is that despite the support that Elon Musk showed to cryptocurrency miners, he isn’t a part of the official member lineup of the council. With the debut of the bitcoin mining council, it can be expected for crypto miners to use renewable energy resources in order to reduce environmental damage.
Michael Saylor announced the debut of the Bitcoin Mining Council (BMC) via his Twitter earlier this week. He made this announcement along with the statement that the BMC will highlight the benefits of bitcoin mining with ways to do it in the best way. The BMC also promotes transparency and will share best practices when it comes to bitcoins and bitcoin mining.
Saylor is the major contributor to the BMC which also has members from several cryptocurrency mining companies from North America. The absence of Elon Musk from the official members of the council was not much of a surprise.
The Tesla CEO often causes disarray in the industry by his frequent comments on the cryptocurrency industry. He recently caused a major stir by investing and tweeting about the meme crypto, the dogecoin.
His influential tweets cause mayhem in the cryptocurrency market which critics comment as him playing around with new cryptocurrencies. His tweets about various cryptos, especially the new ones, cause a stir in the crypto markets which makes the crypto market much more unstable than it already is.
Crypto-enthusiasts and company CEOs welcomed the news of BMC’s debut with open arms.
