Chinese power output is in recovery and bitcoin mining is starting to play a noticeable role in the country’s demand profile. Also in China, oil buyers are adjusting their procurement in response to recent tax changes. Plus, EU Carbon, Nord Stream 2, and iron ore. 1. Bitcoin mining may represent growing share of China’s power .
MicroStrategy founder and CEO Michael Saylor said he convened industry leaders including Blockcap, Hut 8, Marathon Digital Holdings, and Riot Blockchain to discuss forming an organization that would establish reporting standards and ESG goals for mining. The companies did not immediately respond to a request for comment. The miners have agreed to form the Bitcoin Mining Council to promote energy usage transparency & accelerate sustainability initiatives worldwide, Saylor said in a tweet.
Bitcoin prices popped from about $38,000 to a peak of $39,600 after Musk s initial tweet, before sliding back down below $39,000.
MicroStrategy holds roughly 21,000 bitcoin as part of its treasury reserve policy, which was worth roughly $2 billion in April, according to its first-quarter financial disclosures.
Elon Musk met with Bitcoin miners to discuss making the cryptocurrency more environmentally friendly dreuter@insider.com (Dominick Reuter)
Elon Musk met with leading Bitcoin miners to discuss the environmental impact of their industry.
In a tweet, the Tesla CEO called the proposed next steps potentially promising.
Bitcoin prices shot up after Musk s tweet from about $38,000 to a peak of $39,600.
MicroStrategy founder and CEO Michael Saylor said he convened industry leaders including Blockcap, Hut 8, Marathon Digital Holdings, and Riot Blockchain to discuss forming an organization that would establish reporting standards and ESG goals for mining. The companies did not immediately respond to a request for comment.
electric vehicles
In this article, Frank Holmes, CEO of U.S. Global Investors and executive chairman of HIVE Blockchain Technologies, looks at the recent market changes to cryptocurrency prices, in part due to environmental concerns raised by Tesla’s Elon Musk. He also explores the role renewable energy plays in the way cryptocurrencies are mined.
And just like that, Elon Musk has turned on Bitcoin.
In a tweet on Wednesday (12 May), the self-proclaimed “Technoking of Tesla” said his company which announced in February that it bought $1.5bn in Bitcoin [BTC-USD] would be suspending vehicle purchases using the cryptocurrency. Musk cited crypto miners’ “increasing” use of fossil fuels, particularly coal, “which has the worst emissions of any fuel.”
Note To Elon: Crypto Miners Are Part Of The Solution To Curbing Greenhouse Gas Emissions forbes.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from forbes.com Daily Mail and Mail on Sunday newspapers.