After being identified as one of the causes of the drop in the price of bitcoin, Elon Musk returned to comment on the energy expenditure of bitcoin, but now in a positive way.
He revealed on Monday afternoon (24) that he met with North American miners on the use of renewable energy sources. Accordingly with Michael Saylor, CEO of MicroStrategy, who was also present, executives from 8 major mining companies agreed to establish an organization to standardize energy usage reports.
“They have pledged to publish current and planned renewable use and to ask miners around the world to do the same. Potentially promising. ”, said Elon Musk.
For Saylor, it is positive that miners are committed to accelerating sustainable initiatives, in addition to helping to educate and grow the market in general.
Previously, Tesla and Space X CEO Elon Musk had criticized Bitcoin on account of the network’s massive energy expenditure, especially when coal was the source of energy used.
This arguably weak criticism loses even more strength after China begins to discuss banning bitcoin mining in the country. Nic Carter, founder of Coin Metrics, commented how the news can actually be very positive.
In addition to making the hashrate more decentralized around the world, China is primarily responsible for using non-renewable sources of energy for bitcoin mining. Local journalist Wu Blockchain already reports that several Chinese miners are investing elsewhere in the world.
Tesla looking to Bitcoin again?
In note From Tesla’s May 12, the company suspended payments in bitcoin citing concerns about “increased use of fossil fuels for bitcoin mining and transactions, especially coal, which have worse emissions than any fuel.”
At the end of the message, however, the company makes it clear that it intends to return to using cryptocurrency for transactions, “as soon as mining transitions to more sustainable energies”.
And that is exactly the movement we are seeing now, and Elon Musk made a point of tweeting about it. We will see how impactful this tweet will be for the crypto market.
At the time of writing, bitcoin is trading around $ 39,243.77 with a 15.48% rise in the past 24 hours.