Bitcoin Miners & Elon Musk Meet Behind Closed Doors to Promote Energy Usage Transparency & “Pursue ESG Goals”
CT, however, isn’t fully in support of the meeting that took place behind closed doors. But while people aren’t happy with Tesla CEO’s involvement, this is something needed to be done and is good overall unless something bad comes out of it.
Tesla CEO Elon Musk is now communicating with Bitcoin miners regarding the leading cryptocurrency’s renewable usage. Musk tweeted on Monday,
“Spoke with North American Bitcoin miners. They committed to publish current & planned renewable usage & to ask miners WW to do so. Potentially promising.”
It was actually MicroStrategy CEO Michael Saylor who hosted this meeting between Musk and the leading Bitcoin miners in North America, as shared by him on Twitter. He added,
“The miners have agreed to form the Bitcoin Mining Council to promote energy usage transparency & accelerate sustainability initiatives worldwide.”
According to Saylor, the executives of different crypto mining firms, including Argo Blockchain, BlockCap, Core Scientific, Galaxy Digital, Hive Blockchain, Hut 8 Mining, Marathon Digital Holdings, and Riot Blockchain, were present at the meeting and have “decided to establish an organization to standardize energy reporting, pursue industry ESG goals, & educate+grow the marketplace.”
These companies also took to Twitter to share that they are working with each other and Saylor to take ESG concerns seriously and improve sustainable mining practices.
While many took this as a positive step, others were not so happy and questioned the motive behind the “closed-door” meeting.
One could see the May Bitcoin dump as a globally pre-scripted play. Elon dumps on #Bitcoin on ESG concerns. China piles on. Even the Pope goes for it. Euphoric risk-takers get disciplined. Green Bitcoin emerges victorious, with US miners and legal Chinese miners at the helm. https://t.co/D5qaaI9I3t
— Alex Krüger (@krugermacro) May 24, 2021
While people don't seem to care about facts given that it is basically fighting against the meme, there is also speculation that Musk might be positioning to present his own renewable energy products as a solution.
Meanwhile, Gabor Gurbacs, Director at VanEck, responded to Musk with the fact that 76% of Bitcoin miners actually use renewable energy sources, the cost of which is projected to decrease over time as such incentivizing miners to transition toward renewable & stranded energy. Gurbacs added,
“The Bitcoin mining industry is one of the most renewables-focused and renewable long-term incentive-aligned industries. No need for virtue signaling, just facts.”
TLDR'ed even further: This is history repeating, we've been here before, all drama you're probably about to see over coming months is total fugazzi (fake) and should be laughed at and then ignored. Seriously, no joke.
Total fugazzi. Remember? Your idols want your coin, too. https://t.co/7m0gkHDMPI
— JasonFromTelegram (@JasonFromTG) May 25, 2021
While a good thing overall that will help defeat the energy FUD, “this is kind of like a mining cartel,” said Litecoin creator Charlie Lee adding, “but the difference between this and OPEC is that Bitcoin mining is permissionless. Anyone anywhere can mine Bitcoin without needing permission from this cartel.”
CT sure didn’t let what it thinks about this meeting that took place behind the closed doors unknown.
But while not everyone agrees with Musk's involvement with it given his latest clash with the Bitcoin community, miners providing basic disclosures regarding energy mix is a good idea.
Bitcoin wallet Casa co-founder & CTO Jameson Lopp and Coin Metric’s Nic Carter both came in support of miners taking action towards green Bitcoin mining, saying if the outcome of the meeting does come out to be bad, it would be right to be upset.
Moreover, “Bitcoin's immune system will fight and defeat,” anything bad anyway.