Elon Musk changes his mind about bitcoin mining

Elon Musk changes his mind about Bitcoin mining

The Tesla (TSLA) and SpaceX CEO tweeted late Monday that he had spoken to bitcoin miners in North America and they “committed to public current and planned uses of renewable energy.” Musk added that these miners will also urge their global rivals to do so, a development he described as “potentially promising”.

The prices for other top cryptos like Ethereum, Binance Coin, Cardano, XRP and Dogecoin, the joke coin that Musk also often tweeted about, which he called “Hustle” during his last appearance on “Saturday Night Live”, have also decreased over the past few weeks. Taking action against Bitcoin in China, where many miners are active, does not help. There are also no new U.S. Treasury Department guidelines on Bitcoin taxation.

Saylor explicitly mentioned Riot, Marathon and Hive, as well as five other miners, noting that they “agreed to form the Bitcoin Mining Council to promote energy transparency and accelerate sustainability initiatives around the world”.

MicroStrategy’s shares rose 5% on Monday, but the stock, like shares of Tesla and Bitcoin Miner, largely mirrored recent movements in Bitcoin and other cryptocurrencies.

MicroStrategy is up more than 20% this year but is down nearly 65% ​​from its 52-week high. This makes MicroStrategy one of several high profile companies whose stocks were turned upside down in the past year.

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