- The much awaited cryptocurrency group, North American Bitcoin Mining Council has been created to push usage of renewable energy
- The council was formed by MicroStrategy founder and chief executive, Michael Saylor, who is an active bitcoin investor
- Elon Musk, who is arguably the most popular figure in the cryptocurrency market was excluded from the respected group
Billionaire, Elon Musk, was excluded from the Bitcoin Mining Council which was setup to ensurethe crypto miners adhere to renewable energy usage.
What's the purpose of the group?
The count with full name, North American Bitcoin Mining Council, was put together by investor and founder of MicroStrategy, Michael Saylor.
The group wouldn't be regulating bitcoin miners activities, but its goal is to encourage the phasing out of fossil fuels used mostly to develop bitcoin, and replaced with renewable energy.
No vital role for Elon Musk
In a statement by the council, it was stated that Musk wasn't included in the group, and act only as a speaker to educate on the advanced disadvantages of bitcoin.
The Tesla founder's role was described as educational call:
"Elon Musk has no role at the BMC. The extent of his involvement was joining an educational call with a group of North American companies to discuss Bitcoin mining.”
Exclusion of Musk from the highly anticipated council had been linked to his fluctuating support for bitcoin following his May 12, 2021, statement which crashed the value of the most popular cryptocurrency.
Problem with the Tesla founder
Bitcoin had crashed from above $55,000 - following his statement that Tesla will no longer receive bitcoin as a form of payment - to below $35,000.
Musk said Tesla is looking for a cryptocurrency that uses one percent of bitcoin energy usage, as he doesn't want to support the continuous use of coal.
The bitcoin current trades at 37,235, up by 1.94 percent in the last 24hours of trading, but has traded as low as $35,827 within the same period, with the market capitalisation at $697.48 billion.
Meanwhile, Legit.ng had previously reported that Nigeria would soon have its digital currency following the research conducted by the Central Bank of the country.
The financial regulator said before the year ended, it will make the government-backed digital coin available to the public like the Nigeria naira.
The apex bank will be working with some stakeholders in the virtual currency to better understand the risk and the workings of the market.