fbpx
QQQ
+ 3.21
341.15
+ 0.93%
DIA
+ 0.69
338.09
+ 0.2%
SPY
+ 2.27
418.59
+ 0.54%
TLT
+ 0.35
142.94
+ 0.24%
GLD
-0.70
167.65
-0.42%

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

May 27, 2021 11:20 am
Share to Linkedin Share to Twitter Share to Facebook Share to Print License More
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

For the latest in financial news, exclusive stories, memes follow Benzinga on Twitter, Facebook & Instagram. For the best interviews, stock market talk & videos, subscribe to our YouTube channel.


Related Articles

Why Is Bitcoin Tanking Today?

Bitcoin (CRYPTO: BTC) has tanked over 18.5% over the last seven days and was down over 6% on a 24-hour basis. read more

Bitcoin Bull Michael Saylor On Ethereum, Altcoins Says 'There Is Place For Everybody'

MicroStrategy Incorporated (NASDAQ: MSTR) CEO Michael Saylor said there is a place for all cryptocurrencies in an interview with CNBC’s “Fast Money” program Tuesday. read more

MicroStrategy Announces $1B Stock Offering With Plans To Buy More Bitcoin With Proceeds

What Happened: Shares of business intelligence firm MicroStrategy Incorporated (NASDAQ: MSTR) surged over 15% on Monday after the company said it would sell $1 billion worth of its shares over time. read more

Tesla, MicroStrategy, Riot Blockchain Stocks Up As Bitcoin Regains Strength At $40,000 Level

Bitcoin (CRYPTO: BTC) has seen significant gains today, as well as stocks of companies related to the world's top cryptocurrency following Elon Musk's reassuring tweet indicating that Tesla will accept the leading cryptocurrency again. read more