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Bitcoiners 'Intensely Skeptical' Of Elon Musk Leading Bitcoin Mining Council

May 27, 2021 11:20 am
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Bitcoiners 'Intensely Skeptical' Of Elon Musk Leading Bitcoin Mining Council

Bitcoiners around the world aren’t convinced that Elon Musk is the right person to lead the debate around “cleaner Bitcoin mining.”

What Happened: In an interview with Bloomberg TV, popular Bitcoin (CRYPTO: BTC) proponent and partner at Castle Island Ventures Nic Carter said that Elon Musk isn’t the best person to take charge on working towards a more environmentally-friendly Bitcoin mining process.

“Bitcoiners are still intensely skeptical of him, and they view him as conflicted frankly, given that his business partially involves the sale of offsets,” he said.

Still, Carter acknowledged that the Tesla Inc (NASDAQ:TSLA) CEO’s proposal for miners to be more transparent about their energy mix is a good proposal for the industry, regardless of who it’s coming from.

Why It Matters: The Bitcoin Mining Council was formed as a result of a meeting between Musk and the leading Bitcoin miners in North America, hosted by MicroStrategy Incorporated (NASDAQ:MSTR) CEO Michael Saylor.

The meeting was attended by executives from Marathon Digital Holdings Inc (NASDAQ: MARA), Riot Blockchain Inc (NASDAQ: RIOT), Galaxy Digital Holdings Ltd (OTCMKTS: BRPHF), and several other big mining companies.

The council reportedly aims to standardize energy reporting, pursue industry ESG goals, and educate and grow the marketplace.

“I would actually encourage policymakers to have greener grids to encourage the local mining of Bitcoin,” said Carter, explaining that it would be a much more suitable alternative to banning Bitcoin mining entirely.

Price Action: At press time, Bitcoin was trading at $39,763 up 2.71% in the past 24-hours. The coin recouped most of last week’s losses when it dropped to a low of $30,600 but has still struggled to find support above $40,000.

Image: Heisenberg Media on Wikimedia Commons

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