Altcoins Talks - Cryptocurrency Forum
Learning & News => News related to Crypto => Topic started by: mlawson71 on May 26, 2021, 01:34:20 PM
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Elon Musk, CEO of Tesla, has decided to support a new Bitcoin Mining Council that was founded by American Bitcoin miners with the purpose to improve the energy efficiency of cryptocurrency, which has often been criticized for using up too much electricity when mined.
“Spoke with North American Bitcoin miners. They committed to publish current and planned renewable usage and to ask miners worldwide to do so. Potentially promising” Elon Musk tweeted after the meeting. The purpose of the Council will be to “promote energy usage transparency” and to encourage miners to use renewable energy resources when mining cryptos, instead of coal-generated electricity.
According to the Cambridge Bitcoin Electricity Consumption Index, at the moment Bitcoin mining consumes more electricity than the Netherlands or Hong Kong and 75% of all Bitcoin is being mined in China, where the main source of electricity is, you guessed it, coal.
Source (https://www.forexbrokerz.com/news/elon-musk-backs-new-bitcoin-mining-council)
Personally, I think aiming to change that is a great goal, but I also think Musk is doing this more for PR purposes than anything else. Time will tell whether anything will come of it.
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I am supporting this move and not because of that Mr. Elon Musk who is to me now a non-factor and must not anymore be allowed to be influencing the Bitcoin or cryptocurrency industry at anytime. Now, with this move to make sure that Bitcoin is generated with the use of renewable energy we can satisfy people who are concerned on the power requirement especially those coming from China mining. I am hoping that this can be the start of the waning of China's influence on Bitcoin and the shift to other locations as far as mining is concerned.