Bitcoin Mining Council and its Mission
Bitcoin mining and its impact remain one of the most debated topics all over the world. It is all but impossible to ban it, as bitcoin is a decentralized synthetic commodity that is very resistant to regulation. Instead of banning the world’s largest cryptocurrency due to its energy consumption, policymakers should create greener grids for bitcoin mining.
North American cryptocurrency miners are cleaner than many other industrial consumers of electricity. The continent’s bitcoin mining industry appears to be moving towards greater environmental sustainability following a successful meeting. MicroStrategy CEO Michael Saylor brokered a successful meeting between Elon Musk and several famous business leaders. Michael Several days ago, Saylor and Elon Musk revealed that the Bitcoin mining Council has been established following the high-level talks.
The council is made up of several industry leaders, including Argos Blockchain, Galaxy Digital, as well as Hive Blockchain. Hut 8 Mining, Marathon Digital, and Riot Blockchain also joined the council.
All the companies mentioned above agreed to promote energy usage transparency. They also want to accelerate sustainability initiatives all over the world. Michael Saylor indicated that the new industry group is ready to pursue broad environmental, social, and corporate governance goals regarding bitcoin mining. They committed to publishing current and planned renewable usage.
Bitcoin, Tesla, and China
The carmaker’s decision to stop accepting bitcoin payments due to environmental concerns affected bitcoin’s price. Peak to trough, the cryptocurrency dropped 54%, but it managed to recover in the following days. The cryptocurrency community criticized Elon Musk due to his position regarding bitcoin. Only several months ago, his company made an announcement that pleased many cryptocurrency supporters.
Misconceptions regarding bitcoin mining and its impact on the environment are nothing new. Tesla was not the only problem, as China also made decisions that affected the world’s largest cryptocurrency. Several large bitcoin miners decided to cease operations in China due to recent events, BTC.TOP is one of them. It decided to move its operations to North America.
Huobi cryptocurrency exchange’s offshoot company, Huobi Mall made an important decision. It announced that it would no longer sell cryptocurrency mining rigs in China and that it would suspend its mining operations in the country.
Three main trade associations in China released coordinated warnings against cryptocurrencies last week. As part of the communique, associations outlined four issues related to cryptocurrencies. They warned financial institutions and other member organizations not to engage in cryptocurrency business transactions.
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