Elon Musk and Jack Dorsey
Earlier this year, Musk agreed with mining advocates like Jack Dorsey, who believe in mining pushing forward the use of green energy. However, as Bitcoin miners started to consume more power than an average country, the Tesla CEO found more ground for concerns. “Recent extreme energy usage growth could not possibly have been done so fast with renewables,” he noted.
It has been pointed out by many commentators that Elon Musk may well be wrong about some of his assumptions.
Convening of the ‘Bitcoin Mining Council’
And the story, of course, doesn’t end here. In less than two weeks after the announcement, the Tesla chief met with the execs of some North American bitcoin mining companies. The idea was to talk them into joining the Bitcoin Mining Council – an entity that would make professional miners more conscious about their environmental impact, create more transparency around mining, and calm the general anxiety about climate concerns.
According to Musk, the companies he talked to “committed to publish current planned renewable usage and to ask miners worldwide to do so.” Bitcoin is also on the winning side here as the news broke of the Council’s creation, its price jumped up, breaking the barrier of $37,940 to over $40,000.
Still Early Days
The truth is, Bitcoin mining likely does contribute to environmental damage, but the data isn’t really very clear. Creating solutions for problems from erroneous data will almost always cause more negatives than positives. It remains to be seen how this saga will play out.
What side are you on in the battle of mining advocates and opponents?