A new breakthrough has been made in the mining sector after several bitcoin mining firms disclosed that they have decided to initiate a new organization called the ‘Bitcoin Mining Council’. The decision to start the new organization has been made after the meeting with Tesla’s CEO Elon Musk.
The main aim of North American Mining firms is to establish an organization that is committed to promoting transparency and sustainable energy usage. MicroStrategy CEO Michael Saylor disclosed that the mining firms have confirmed that they are going to establish a firm. The new firm will speed up sustainability projects all around the globe.
Furthermore, the firms which are going to participate in the establishment of the new firm includes Hut 8 Mining, Marathon Digital Holdings, Argo, BLOCKCAP, Core Scientific, Galaxy Digital, HIVE Blockchain, and Riot Blockchain. Initially, the meeting received a huge backlash. The meeting is termed as the meeting going against the open and decentralized ethos of Bitcoin. The backlash indicates that the cryptocurrency community decline due to Musk’s recent Bitcoin critique. It also declines due to the decision of Tesla to stop accepting BTC.
Additionally, Bitcoin mining has been a major topic lately. It highlighted the recent decline in the price of BTC and the cryptocurrency market at large. Presently, Cryptocurrency miners in China are in an uncertain position due to uncertainties of a restriction on cryptocurrency mining.