Elon Musk has joined a conversation among leading Bitcoin miners, hosted by Michael Saylor, to <a href="https://twitter.com/elonmusk/status/1396914548167233537" target="_blank" rel="nofollow noopener">address </a>environmental concerns of Bitcoin mining, according to a tweet from the Tesla CEO on Monday.
<h2>Beginning To Address Environmental Concerns Of Bitcoin Mining</h2>
After a little more than two weeks, Tesla +4.4% Elon Musk, sparked the cryptocurrency and Bitcoin price drop by <a href="https://www.cryptoknowmics.com/news/as-tesla-suspended-btc-payment-bitcoin-suffer-loss-of-6-in-an-hour/" target="_blank" rel="nofollow noopener">declaring </a>that the electric car maker would no longer accept Bitcoin as payment for its electric cars, citing environmental concerns.

The devious billionaire then <a href="https://twitter.com/elonmusk/status/1396914548167233537" target="_blank" rel="nofollow noopener">tweeted </a>that he met with executives of North American Bitcoin Mining firms. The meeting culminated in the formation of the Bitcoin Mining Council, which is dedicated to fostering the adoption of sustainable blockchain mining initiatives.

[embed]https://twitter.com/elonmusk/status/1396914548167233537[/embed]

Simultaneously, and in what seemed to be a coordinated step, Michael Saylor, CEO of the largest corporate holder of Bitcoin (Tesla is #2), the business analytics firm MicroStrategy MSTR +4.9%, <a href="https://twitter.com/michael_saylor/status/1396915801492439044" target="_blank" rel="nofollow noopener">revealed </a>he had hosted a meeting between Elon Musk and executives from major bitcoin miners in North America, including Argo Blockchain, Blockcap, Core Scientific, Galaxy Digital, HIVE Blockchain, and others. 

[embed]http://twitter.com/michael_saylor/status/1396915801492439044[/embed]

According to the release, “miners have decided to form the Bitcoin Mining Council to encourage energy use accountability and drive global sustainability initiatives”. This includes standardizing energy reporting standards, establishing industry-wide Environmental, Social, and Corporate Governance (ESG) targets, and furthering business education and development.
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<h2>Next Steps Described As "Potentially Promising" By Elon Musk</h2>
“The recently created Bitcoin Mining Council is the next logical step in promoting a sectoral transition to green energy,” said Argo Blockchain CEO Peter Wall in a written statement to Forbes. 

Wall writes that he "looks forward to partnering with Michael Saylor and other leading North American miners to future-proof an industry that must collectively develop safe mining practices and take ESG issues seriously." 

<a href="https://twitter.com/mokamoto/status/1396918030987259904" target="_blank" rel="nofollow noopener">Marathon Digital Holdings </a>and <a href="https://twitter.com/Hut8Mining/status/1396918166257901573" target="_blank" rel="nofollow noopener">Hut 8 Mining</a> reported their attendance and the group's goals in tweets. Other Council members were not immediately available for comment.

The announcement follows an increasing focus on cryptocurrency mining operations around the world. Aside from a greater emphasis on the environmental effects of bitcoin mining, the sector is also facing an intensifying ban by Chinese authorities on bitcoin mining and trading practices. 

According to reports <a href="https://www.nature.com/articles/s41467-021-22256-3" target="_blank" rel="nofollow noopener">published </a>in the peer-reviewed journal Nature Communications, these dynamics have the ability to significantly affect the delivery and operations of the bitcoin mining landscape, where China accounted for more than 75% of the overall computing capacity on the network as of April 2020.<a href="https://www.cryptoknowmics.com/news/china-renews-call-to-crack-down-on-bitcoin-mining-and-trading/"> China's crypto mining</a> superiority is primarily due to lower energy costs and larger mining farms.

Elon Musk and Michael Saylor Address Environmental Concerns of Bitcoin Mining

Elon Musk and Michael Saylor addressed among miners environmental concerns of Bitcoin mining ways to increase the cryptocurrency's environmental effect.

Kavya Barua is a voracious learner who is fascinated by crypto and Fintech advancements. Graduated from Janki Devi Memorial College's B.A (Hons) English program at the University of Delhi. She aspires to be a successful professional, having a keen interest in learning and achieving results.

Elon Musk and Michael Saylor Address Environmental Concerns of Bitcoin Mining

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