June 1, 2021 Cryptocurrencies are catching flak from environmentally conscientious investors who are claiming that the digital assets are “dirty currencies.” For example, one private equity company bought a decommissioned coal power plant, converted it to burn natural gas, and used it as a “power plant-cryptocurrency mining hybrid,” the Financial Times reports. Greenidge Generation Holdings stated that it expects to become “the only US publicly listed bitcoin mining operation with its own power source.” In a presentation to investors, the investment firm revealed says it mines Bitcoins for just $3,000. Climate activists, however, are dismayed that fossil fuels will be used to promote the mining of cryptocurrencies and are pushing regulators to begin cracking down.
Elon Musk met with Bitcoin miners to discuss making the cryptocurrency more environmentally friendly Dominick ReuterMay 25, 2021, 05:02 IST Bitcoin mining uses huge amounts of energy.Andia/Getty Images 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. Elon Musk joined a discussion among leading Bitcoin miners centered around ways to improve the cryptocurrency s environmental impact, the Tesla CEO tweeted on Monday. 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.
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.