The energy usage transparency in Bitcoin mining has become one of the most trending topics that has besieged the crypto community. Tesla CEO Elon Musk and MicroStrategy founder Micheal Saylor are observed to be playing lead roles in the development.
The recent confirmation follows after Musk tweeted about the coalition of a council of Bitcoin miners.
The ember that sparked the increasing lamentations of BTC’s unhealthy energy consumption was a tweet made by the Tesla boss. The tweet had attached a screenshot of a decision by the automobile manufacturing company to ditch the cryptocurrency.
The reason was pegged at the increasing use of fossil fuels for its mining, a resolution that triggered lasting panic in the crypto market.
It was however surprising to Bitcoiners when Musk announced the effort he was making alongside Michael Saylor to rally Bitcoin miners. The tweet made it clear that the intention was to initiate a BTC Mining Council that would seek to “promote energy usage transparency & accelerate sustainability initiatives worldwide.” A followup tweet by Saylor confirmed the move.
Does Musk and Saylor Desire to Lead a Bitcoin Mining Revolution?
The Tesla Technocrat and MicroStrategy CEO are both the top two corporate investors in Bitcoin. MicroStrategy leads the list before the car company. The fashion of Musk’s u-turn and desire to rectify the major Bitcoin setback with Michael Saylor appears to be coordinated.
It should be recalled that Tesla indicated that the next crypto alternative would be a digital asset that consumes way less energy than Bitcoin. Investors of the crypto market didn’t presume a turn back to Bitcoin so soon.
Michael Saylor disclosed that the meeting aside, Musk, himself, and Bitcoin miners in North America also included executives from Blockcap, Argo Blockchain, Galaxy Digital, Marathon Digital Holdings, Core Scientific, HIVE blockchain, Hit 8 Mining, and Riot blockchain.
How Will This Development Benefit Bitcoin?
BTC’s decline in value simultaneously influences a decline in the value of other altcoins. The collaboration with Tesla and MicroStrategy might see the boost Bitcoin lovers have been yearning for these past weeks. As perceived, if the major problem with BTC is solved; it could maintain its position as the leading virtual asset and trigger an increase in its value.
However, despite that the proposed council is formed from a deliberation by highly respected mining operators in North America, it is yet unclear what their further aspirations about Bitcoin are.