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

By Bhushan Akolkar
Published May 25, 2021 Updated May 25, 2021
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Elon Musk Seizes The Opportunity from Beijing’s Bitcoin Mining Crackdown

By Bhushan Akolkar
Published May 25, 2021 Updated May 25, 2021

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.

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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.

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?

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Disclaimer
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
About Author
Bhushan Akolkar
724 Articles
Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.

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