Elon Musk is back on his feet and I mention Bitcoin again, this time in a positive light. Tesla CEO met with North American Bitcoin miners.
According to his tweet, the miners committed to publicizing current and future renewable energy use, and pledged to demand the same from miners around the world. His conclusion is in two words that we have read before:
Words Elon Musk Followers Have Already Read About Dogecoin In Some previous tweets.
The meeting facilitator was Michael Saylor. The CEO of Microstrategy explained what happened:
The outcome of the meeting will be the formation of a Bitcoin Mining Council which will aim to promote transparency in the use of energy and accelerate the ecological transition in the world.
Participants in the meeting:
- Argo Blockchain,
- Core Scientific,
- Galaxy Digital,
- Hive Blockchain Technologies,
- Hut 8 Mining,
- Marathon Digital Holding,
- Riot Blockchain.
Mike novogratz as CEO of Galaxy Digital he also attended the meeting and said he was excited that Galaxy could be part of this process that will lead to Bitcoin being more sustainable.
Will Elon Musk Control Bitcoin Miners?
The community did not particularly appreciate this meeting and on Twitter, skeptics spoke up.
The profile Documenting Bitcoin noted that:
"Closed-door meetings rarely do well in the history of #Bitcoin."
Marty bent (author of Bitcoin-themed podcasts and newsletters) commented harshly:
“First, it's a bit concerning that this group of people felt compelled to appease Elon Musk after a maddened storm of tweets that showed beyond a doubt that they don't understand Bitcoin and its Proof-of-Work consensus mechanism. The rush to get his approval is a bit nauseating. "
Marty Bent also believes that a closed-door meeting with industries speaking on behalf of an entire industry brings nothing positive and is also quite arrogant.
The fact that they want to plan the use of renewable energy seems even more worrying, because, he explains:
“It sets the stage for social pressure that will lead to regulatory pressure that will lead to the subsidization of certain energy blends over others, which will inevitably lead to a massive allocation of capital throughout the mining industry and potentially end in a scenario where this council attempts to fork the net by selling “green” bitcoins at a higher price than “dirty fossil fuel” bitcoins.
This, according to Marty Bent, has nothing to do with using green energy:
"It has everything to do with CONTROL."
Control or not, the price of Bitcoin seems to benefit. After sinking in the last few days, Bitcoin is back at $ 39,000. As always, BTC is dragging the entire sector, which is in positive territory.
However, one important question remains: it is quite clear that the sector is too tied to the mood of Elon Musk.