SnapBots News Review — What will be the future of bitcoin?
Bitcoin is facing some major hurdles. Bitcoin, which is the most popular cryptocurrency in the world, started to freefall. The price of bitcoin had come nearly up to $30000 which was its lowest.
Major factors causing the price of bitcoin to fall:
- Elon Musk’s announcement that Tesla is suspending Bitcoin payments.
• China’s ban on financial and payment institutions’ use of cryptocurrency.
• The US Treasury’s announcement that any transaction worth $10000 or more must be reported to the IRS.
The aforementioned have created great obstacles in the crypto market.
To save bitcoin from further dips, a meeting between Elon Musk and prominent North American Bitcoin miners was arranged by Michael Saylor, CEO of MicroStrategy. The meeting concluded with the formation of the Bitcoin Mining Council. The board is made up of several industry leaders including Argos Blockchain, Blockcap, Galaxy Digital, Hive Blockchain, Hut 8 Mining, Marathon Digital, and Riot Blockchain.
In this meeting they had agreed to:
- Promote transparency in the use of energy.
- Accelerate sustainable development initiatives around the world.
This new group is committed to pursuing broad environmental, social, and corporate governance goals regarding Bitcoin mining, as well as educating the market on how the mining process works as indicated by Saylor.
“Spoke with Bitcoin miners from North America. They have committed to publishing current and planned renewable use and asking WW miners to do so. Potentially promising” as tweeted by Musk.
Recovery in Bitcoin’s price was seen after a meeting with the new council, Bitcoin’s price appears to have recovered sharply after the announcement was circulated. BTC price has reached a high of $39,000.
Will this formation of Bitcoin mining council again bring a better and greener future for bitcoin?
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