Michael Saylor and Elon Musk Power the Newly Formed Bitcoin Mining Council

The North American Bitcoin mining industry has made an important move towards greater environmental sustainability with MicroStrategy’s Michael Saylor having organized a successful meeting that included Elon Musk and several prominent business leaders.

On Monday, Saylor and Musk both revealed to their Twitter followers that a Bitcoin Mining Council has been established following their lates high-level talks. Multiple top industry leaders take a seat in the council. They include representation from Argos Blockchain, Blockcap, Galaxy Digital, Hive Blockchain, Hut 8 Mining, Marathon Digital and Riot Blockchain.

Topping the council’s agenda is their drive to “promote energy usage transparency [and] accelerate sustainability initiatives worldwide.”

Furthermore, the newly formed group committed to take a leading role when it comes to environmental, social and corporate governance concerning Bitcoin mining, as well as educating the marketplace about how the mining process works.

Argo Blockchain CEO Peter Wall confirmed that their firm was a founding member of the council

The council’s formation follows an intense week of corrections in the crypto and blockchain industry with Bitcoin dipping to the $30,000 level. This all happened amidst multiple factors coinciding.

While according to a study from scientific journal Nature Communications, China was dominating Bitcoin’s hashrate and processing power up to summer of last year, this is looking to radically shift. China’s imposition of mining ban and tighter regulatory frameworks for crypto-related firms will not be without consequences.