We have heard a lot of news on the Elon musk nowadays because he has been tweeting a lot of things related to bitcoin. Now also Elon musk, who is the CEO of Tesla car company, continues to play with the price of bitcoin on Monday by making a tweet on Twitter. In his recent tweet, he has indicated the support for the efforts of the miners for making their mining process greener and ecofriendly.
You will be stunned to know that Elon Musk and Michael Saylor have tweeted that they had talked to the major miners of North America who also includes the Michael Novogratz galaxy digital and the hut eight mining corp. This call was held on Sunday in which they had discussed the transparency of energy usage. Saylor said that the mining groups had been agreed upon forming the council of bitcoin mining in order to normalize energy broadcasting. If you want to know more about the bitcoin trading then you should use qunatum ai platform.
You will be amazed to know that bitcoin is the world most prominent cryptocurrency, and it has been advanced for an amount of 19% for trading around dollar 39944 by following the tweets. The most shocking thing is that on Sunday, the bitcoin price got slumped again to a low of $31132. The latest tweet that was made by Elon musk was the fourth tweet which has led to the ups and downs in the bitcoin value from the last two weeks. The volatility of bitcoin is in great swing right now, and it has raised a lot of concern among investors and traders.
Matt Malley, the chief market strategist in the Miller Tabak + Co, said that if the bitcoin market continues to see the swings in its price, which are based on the tweets of Elon musk, then this is going to be a massive setback for the bitcoin. The fact behind this is that such huge swings in the bitcoin prices from the tweets of one person raises the question of the legitimacy of the bitcoin. The galaxy company have also confirmed that the representative of the company mining has participated in this call.
Hut 8 Mining is also the North American bitcoin mining company that tweeted that the company was also on that call with Elon musk, and they are willing to be a part of this effort in which they are looking forward to educating the market for practicing sustainable mining of bitcoin, this is possible, and this should be the priority of every miner of bitcoin.
Just two weeks ago, Elon musk shocked the cryptocurrency world when he announced that the tesla company would not accept any payments that are made from the bitcoin. The reason behind his unacceptance of bitcoin payment was that he said it takes a tremendous amount of energy for transacting the bitcoin and its mining which is not at all good for the environment. He said that creating the mining industry council will help in normalizing the energy source which has been used for bitcoin mining. In his tweet, he pledges to make the industry greener and eco-friendly. This is the private sector initiative that will help to decarbonize the cryptocurrency industry by the year 2030. This group has been formed and inspired by the Paris climate agreement.
The main thing is that energy usage is a long-known problem and it was not all seemed to bother the musk because he is the one who gave a big hype to the bitcoin earlier in this year and has also invested $1.5 billion in it. The bitcoin miners make use of the hundreds of computers that run all round the clock in order to verify the transactions that are made through the bitcoin for the exchange of new coins.
When Elon musk criticized energy used in bitcoin mining then, it sends the bitcoin dipping for a massive amount in the years. It wiped off more than 500 billion dollars from its own market value. After some time, he tweeted that he still believes in the bitcoin and is also helping the bitcoin to recover some of its losses. The volatility in the bitcoins persisted throughout the weekend.