Michael Saylor Teases New Bitcoin Mining Council
Main page News, US Market, Mining, Bitcoin

MicroStrategy Chief Executive, Michael Saylor, wrote on Twitter that he hosted a meeting between Elon Musk and the leading bitcoin (EXANTE: Bitcoin) miners in North America on Sunday, May 23. Saylor says the miners have agreed to form the so-called Bitcoin Mining Council. The council's goal will be promotion of energy usage transparency & accelerate sustainability initiatives worldwide.

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He also added, that executives from Argo Blockchain, BLOCKCAP, Core Scientific, Galaxy Digital, and others were present and decided to establish an organization to "standardize energy reporting." At the same time, Elon Musk said that he spoke with North American bitcoin miners as they committed to publish current & planned renewable usage.

"Potentially promising," the Tesla CEO described the meeting.

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However, Peter Schiff, Chief Economist & Global Strategist at Euro Pacific Capital, thinks that this council will drive mining costs even higher and amount to a bigger waste of energy. He also believes the coalition of cryptocurrency miners with renewable energy will make bitcoin's already high transaction costs "even more expensive."

Earlier in May, Tesla stopped accepting payments in bitcoin due to the company's concerns about the impact the cryptocurrency has on the environment.

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