May 26, 2021

A new Bitcoin Mining Council has been formed to improve the sustainability of bitcoin.

This comes after a meeting with leading bitcoin miners and Tesla CEO Elon Musk.

The Council will promote transparency in energy consumption and encourage miners to use renewable energy sources.

Musk had previously withdrawn his support for bitcoin, citing its dangerous environmental impact.

Bitcoin mining consumes large amounts of electricity as it requires enormous computing power.

Miners are scrutinizing bitcoin transactions in exchange for the ability to purchase their own coins.

Musk tweeted that the council had committed to publishing details of the current and planned use of renewable energy for bitcoin mining.

The council that met with Musk included the top players in North America.

Research shows that 75% of bitcoin mining originates in China and that 40% of Chinese bitcoin mines are coal-powered.

For more information, read the original story in the BBC.