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Blog

Bitcoin Eyes $40K as Musk & Saylor Work on Green BTC Mining Initiatives

BTC has reclaimed the $40K level after Elon Musk’s surprise announcement that he had spoken to North American Bitcoin miners, who are committing to use renewable resources whilst mining bitcoin, and will request miners worldwide to follow suit.

  • This meeting was hosted by MicroStrategy CEO and Bitcoin advocate Michael Saylor, and it included the leading Bitcoin miners in North America.
  • The team agreed to form the Bitcoin Mining Council, with the objective of promoting energy usage transparency in order to accelerate sustainability initiatives worldwide.
  • This whiplash move comes days after Musk announced that Tesla would no longer be accepting Bitcoin due to high energy usage, kickstarting BTC’s initial plunge.
  • Bitcoin’s promising future, now potentially grounded in green energy, might lead to a reversal of Musk’s decision, invalidating a lot of fears that were spreading about Bitcoin’s long-term sustainability as a currency.
  • Shortly after Elon Musk tweeted, the price of bitcoin touched an intraday high of $39,900.
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