Elon Musk Seizes The Opportunity from Beijing’s Bitcoin Mining Crackdown

On Sunday, May 23, Bitcoin (BTC) and the overall crypto market tanked following China’s crackdown on Bitcoin miners and traders. Well, owing to new regulatory policies, a lot of Chinese miners have considered shifting their base to Europe or North America.

Seeing a major opportunity here, business tycoon Elon Musk has jumped in while recently tweeting that he’s been talking to a lot of miners in North America for tapping into the renewable energy use for Bitcoin mining.

Spoke with North American Bitcoin miners. They committed to publish current & planned renewable usage & to ask miners WW to do so. Potentially promising.

— Elon Musk, the 2nd (@elonmusk) May 24, 2021

Recently, Elon Musk has been much vocal about the high energy usage associated with Bitcoin mining and transactions. Even Tesla decided to drop Bitcoin payments setting up the crypto market in a frenzy. However, it looks like Musk sees a great opportunity here in the ‘crypto and renewables’ market.

MicroStrategy CEO Michael Saylor took the lead in hosting the meeting between Musk and North American Bitcoin miners. Saylor tweeted:

“Yesterday I was pleased to host a meeting between @elonmusk & the leading Bitcoin miners in North America. The miners have agreed to form the Bitcoin Mining Council to promote energy usage transparency & accelerate sustainability initiatives worldwide”.

Standardizing Energy Reporting for Bitcoin Mining

Since the Bitcoin mining energy consumption is the new heated debate in the market, industry players are putting efforts to bring a solution to it. As Michael Saylor, executives from some of the biggest Bitcoin mining associations joined the meeting with Musk.

This includes big names like Marathon Digital Holdings, Riot Blockchain, Argo Blockchain, Core Scientific, Hive Blockchain, Hut 8 Mining, and others. All these players decided to form an organization to standardize energy reporting associated with crypto mining.

Besides, these players will work together to pursue the industry ESG goals along with making efforts to educate the crypto-mining marketplace.

North American miners have the biggest opportunity hereafter China’s crackdown on Bitcoin miners recently. Will North America become the new dominant player to control a majority of the Bitcoin hashrate?