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- Analysts think that Musk’s significant influence on the crypto market is terrible for its decentralized nature
- The Bitcoin Mining Council will now promote sustainable bitcoin mining
- Soon after Musk’s tweet, BTC prices spiked by 4%
Elon Musk recently tweeted that he spoke to North American crypto miners. He said that the miners committed to publishing the current and planned renewable usage. In addition, they will also ask miners from all over the world to do so. According to Musk, this seems potentially promising.
Schiff Hints That Sustainable Mining may Affect Bitcoin’s Adoption
Peter Schiff, the chief economist and chief strategist of Euro Pacific Strategist, commented that this would only drive mining costs higher. In addition, it will also increase the wastage of energy that comes from mining. Also, it will immensely increase the Bitcoin transaction costs. This will have a significant impact on Bitcoin’s worldwide adoption as it will make payments much more expensive. More importantly, bitcoin’s value increased by 4% since he mentioned his discussions with the miners. Analysts think that Musk’s tremendous influence on the crypto market is terrible for its decentralized nature.
Michael Saylor Announces the Formation of Bitcoin Mining Council
At the time when Elon Musk tweeted, BTC was trading at $38,074. A few minutes later, the price suddenly spiked to $39,500. Currently, it is trading at $36,747.70 and is down by 4.21% in the last 24 hours. The CEO of MicroStrategy, Michael Saylor, announced a conference held with Tesla’s Elon Musk and several bitcoin miners. This led to the foundation of the Bitcoin Mining Council, which will now promote sustainable bitcoin mining.
Over the past few months, we have already witnessed Elon Musk influencing the crypto community with his tweets. Primarily held responsible for the growth of the meme crypto, Dogecoin, Musk helped several other cryptocurrencies rally. According to February’s SEC filing, Tesla purchased bitcoin worth $1.5 billion and announced that the company would accept bitcoin payments. However, its recent stance has widely affected the crypto market. On May 12, Musk announced that it would no longer entertain bitcoin payments because of the environmental hazard bitcoin mining brings.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
