Bitcoin Mining Council to report renewable energy usage

A new Bitcoin Mining Council has been created to improve the crypto-currency’s sustainability, following a meeting of “leading” Bitcoin miners and Elon Musk.

The Tesla CEO tweeted the development was “potentially promising”.

It’s hoped the council will “promote energy usage transparency” and encourage miners to use renewable sources.

The process of creating Bitcoin consumes large amounts of electricity.

Its value fell earlier this month after Tesla withdrew its support of the crypto-currency, citing environmental concerns.

Bitcoin operates on the blockchain, a digital ledger of transactions.

Miners audit Bitcoin transactions in exchange for an opportunity to acquire the digital currency.

It requires enormous computing power, which in turn uses huge amounts of electricity.

Bitcoin’s electricity consumption is currently greater than The Netherlands’, according to the Cambridge Bitcoin Electricity Consumption Index.

Elson Musk tweeted that the group had committed to publish details of the current and planned use of renewable energy.

Earlier this month, Tesla suspended vehicle purchases using Bitcoin, over concerns about its environmental impact. In February it revealed it had bought the equivalent of $1.5bn (£1bn) of the digital currency.

“We are concerned about rapidly increasing use of fossil fuels for Bitcoin mining and transactions, especially coal, which has the worst emissions of any fuel,” Mr Musk tweeted at the time.


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