Bitcoin energy usage FUD has been on the rise for the last few weeks. Elon Musk, CEO of Tesla, criticized Bitcoin recently for the usage of energy and called BTC a highly centralized cryptocurrency. However, China’s recent announcement of a crackdown on BTC miners in the country and crypto restrictions have opened a new door for the crypto mining industry in North America.
According to a Tweet on Monday, Musk met executives of leading Bitcoin mining firms in North America and discussed sustainability and energy usage transparency during the meeting. “Spoke with North American Bitcoin miners. They are committed to publishing current & planned renewable usage. Potentially promising,” Musk tweeted.
Michael Saylor, CEO of the US-based business intelligence firm, MicroStrategy, hosted the meeting. Saylor expressed his optimism regarding a transparent and standardized reporting of Bitcoin energy usage.
“Yesterday I was pleased to host a meeting between Elon Musk & the leading Bitcoin miners in North America. The miners have agreed to form the Bitcoin Mining Council to promote energy usage transparency & accelerate sustainability initiatives worldwide. Leading executives were present & decided to establish an organization to standardize energy reporting, pursue industry ESG goals, & grow the marketplace,” Saylor said.
Bitcoin Energy Usage FUD
Earlier this month, Tesla announced the suspension of Bitcoin Payments citing environmental concerns. The world’s largest cryptocurrency took a major hit and dropped significantly in the following days. The latest announcement of a potential crackdown on Bitcoin mining facilities in China by the government caused a crash in BTC and other digital currencies. Chinese BTC miners expressed uncertainty due to the recent action by the government and that provided North American crypto miners an opportunity to take a lead in the global crypto mining industry.
"Eventually, China will lose crypto computing power to foreign markets (including North America and Europe)," Jiang Zhuoer, Founder of China’s crypto mining company BTC.TOP, mentioned in a blog post on Weibo.
