Elon Musk has joined a conversation among leading Bitcoin miners, hosted by Michael Saylor, to address environmental concerns of Bitcoin mining, according to a tweet from the Tesla CEO on Monday.
After a little more than two weeks, Tesla +4.4% Elon Musk, sparked the cryptocurrency and Bitcoin price drop by declaring that the electric car maker would no longer accept Bitcoin as payment for its electric cars, citing environmental concerns.
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.
“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."
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 published 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. China's crypto mining superiority is primarily due to lower energy costs and larger mining farms.