The CEO of Tesla, Elon Musk, and the CEO of MicroStrategy, Michael Saylor, took to Twitter to announce the formation of a Bitcoin Mining Council.
The Bitcoin (BTC) mining industry looks set to be moving towards greater environmental sustainability after Saylor hosted and brokered a successful meeting between Musk and several prominent business leaders.
Saylor and Musk both revealed late Monday 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, Blockcap, Galaxy Digital, Hive Blockchain, Hut 8 Mining, Marathon Digital and Riot Blockchain.
They’ve all agreed to “promote energy usage transparency [and] accelerate sustainability initiatives worldwide,” Saylor tweeted Monday.
Saylor also indicated that the council will be committed to pursuing bigger environmental, social and corporate governance goals concerning Bitcoin mining, as well as educating the marketplace about how the mining process works.
Musk was the first to tweet about the meeting, stating, “Spoke with North American Bitcoin miners. They committed to publish current & planned renewable usage & to ask miners WW to do so. Potentially promising.”
Bitcoin’s price is currently bullish, almost hitting the $40,000 mark since the announcement was made. BTC reached as high as $39,960, building off earlier gains.
Tesla’s decision to stop accepting Bitcoin payments due to environmental concerns contributed to one of Bitcoin’s worst-ever declines. The digital asset plunged 54%, to trade $30,400 before recovering. In the process, Musk was subjected to severe backlash from the cryptocurrency community that he had just recently embraced.
Although the negative impact of Bitcoin mining on the environment is not news as headlines about China, cracking down on cryptocurrency miners in light of environmental concerns have contributed to recent bearish investor sentiments.