Amid Elon Musk’s staggering revelation regarding the impacts of Bitcoin mining on our environment, a new council by the name of Bitcoin mining council is being forged by North American miners and Elon Musk. The very tweets of Musk are responsible for inaugurating the bloodbath in the recent week or so on all cryptocurrencies, and the market cap of the crypto market, in general, is being plummeted into the ground. Mixed with the influential prowess of billionaire Elon Musk, the Chinese government’s call to battle against all crypto miners is another factor that has crushed the spirit of the crypto world.
Elon Musk to Develop a New Bitcoin Mining Council
It seems that some regulations in terms of the crypto market and cryptocurrencies are pending their integration by world leaders and governments that will make this whole extravaganza less fearsome in terms of investors losing their money or crypto market’s volatility chiming in. But despite all that, Elon Musk remains the centerpiece of this whole adventure; he doesn’t seem to be backing down from being the extraordinary influencer for the crypto space. He is currently working with Dogecoin developers to lower the intensive energy expenditure for the cryptocurrency. Recently enough, Elon Musk has founded a Bitcoin mining council that will address the issues of fossil fuel consumption such as coal and its impact on the environment.
Musk did elaborate on this development using his Twitter; he basically said that he is in talks with North American Bitcoin miners, and a council has been founded to address the issues that Bitcoin’s mining has. Mining involves the use of extensive computing force to solve extremely complex mathematical equations to validate or prove the transactions taking place on Bitcoin’s blockchain. This, in turn, requires a lot of electrical energy, and the consumption forces these mining companies to use fossil fuels such as coal or petroleum to power the mining projects for cryptocurrencies.
And this has a very bad influence on the environment, plus it has become more of a PR problem for these mining agencies. Thus, the new Bitcoin mining council’s creation will specifically cover these issues in grave detail and find a workaround regarding the environmental wreckage caused by mining.