Bitcoin and Institutional Miners Relaunch BTC

By: Bharggavi Ssayee

May 25, 2021 9:57 AM

The Bitcoin mining industry is mobilizing to found the Bitcoin Mining Council under the leadership of two investors, Michael Saylor (MicroStrategy) and Elon Musk (Tesla).

After the crack, the reconquest? Over the past week, Bitcoin was losing nearly 50% of its value, falling back to around $ 30K. The value of the crypto-asset is now back on the path to growth.

On May 25 at 8:20 a.m., BTC was up almost 9% over 24 hours to just over $ 38,000. The price of the first cryptocurrency benefits in particular from the announcement of the major mining players.

Elon Musk opens the door to Bitcoin

North American miners unite in the Bitcoin Mining Council. The goal of this collaboration: to promote transparency in energy use and accelerate global initiatives in sustainable development.

Energy consumption is indeed the Achilles heel of Bitcoin. This is also the starting point for the severe correction in the price of the asset. Energy-consuming, Bitcoin was no longer welcome at Tesla.

But Elon Musk is back in the game. At the initiative of Michael Saylor, CEO of MicroStrategy, a Bitcoin whale, miners and institutional investors were gathered to discuss solutions to this problem.

And the first feedback from this meeting is already encouraging. “I spoke to North American bitcoin miners. They pledged to publish the current and planned use of renewable energy and call on the miners of the world to do so. Potentially promising, ”says Elon Musk.

The environment is no longer an option for miners

The Bitcoin Mining Council is therefore in place and brings together the big names in mining. It includes Argos Blockchain, Blockcap, Galaxy Digital, Hive Blockchain, Hut 8 Mining, Marathon Digital and Riot Blockchain.

Their leaders are committed, says Saylor, to standardizing energy reporting in the Bitcoin ecosystem, pursuing Social and Environmental Responsibility (CSR) goals and market education.

This announcement is very favorably received by investors. Bitcoin's price climbed to $ 39,960. And Musk could, after being his executioner, be instrumental in resuming the BTC bull run.

The miners are now with their backs to the wall. Their energy consumption has earned them strong criticism and even bans. China, home to the main mining farms, is putting pressure on these industrialists. In response, they reduce their activity in China.