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Elon Musk wants to tackle Bitcoin’s sustainability problem

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Tesla CEO Elon Musk and MicroStrategy CEO Michael Saylor met Monday with the two leading Bitcoin miners in North America.

Bitcoin held its gains on Tuesday after Elon Musk’s efforts to boost its adoption triggered a bout of noticeable volatility in the wake of last week’s digital currency defeat.

And thechirp Michael Saylor, the group agreed to form the Bitcoin Mining Council, in order to enhance transparency of energy use and accelerate sustainability initiatives around the world.

Elon Musk also tweeted earlier on Monday, saying: The group is committed to spreading existing and planned renewable use and asking miners to do so.

According to Saylor, the group included representatives from Argo Blockchain, Blockcap, Core Scientific, Galaxy Digital, Hive Blockchain Technologies, Hut 8 Mining, Marathon Digital Holdings and Riot Blockchain.

Several other companies reported on Twitter their support for the plan, and Hut 8 Mining confirmed that it was part of the discussions that Saylor referred to, and tweeted: We want to educate the market that sustainable mining is possible and a priority.

Peter Wall, CEO of Argo Blockchain, tweeted: As a founding member of the Bitcoin Mining Council, Argo Blockchain is pushing hard for sustainable mining and more transparency.

Merrick Okamoto, CEO of Marathon Digital Holdings, tweeted that the company is doing its part to contribute to sustainable mining and transparency.

And while Tesla began accepting Bitcoin as a payment for cars in March, Elon Musk reversed that position earlier this month, expressing concern about the environment.

Elon Musk wrote on Twitter: “Cryptocurrency is a good idea across many levels and we think it has a promising future, but that can’t come at a great cost to the environment.”

Elon Musk has since spoken out several times about the problem of cryptocurrency sustainability.

Bitcoin mining uses a significant amount of electricity, and according to one estimate, it uses the annual amount that the Netherlands itself does.

This conflicts with Tesla’s stated mission to accelerate the world’s transition to sustainable energy.

Details of how the miners are planning to address the environmental issues of Bitcoin – whether by making changes to the blockchain or using carbon offsetting measures as the big companies do – were not available.

Elon Musk disrupted Bitcoin’s price this month by criticizing the energy issue and suspending Bitcoin payments to Tesla, and growing regulatory rhetoric over cryptocurrencies from China also pressed the sector.

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