Bitcoin miners pledge to address climate concerns after Elon Musk meeting
Major Bitcoin miners have committed to cutting their carbon footprints after a weekend summit with Elon Musk over the cryptocurrency’s emissions. Mr Musk, who has fanned a row over Bitcoin’s environmental impact that has contributed to its recent price fall, said miners in North America had committed to disclosing their use of renewables. Argo Blockchain, a London-listed Bitcoin miner whose chief executive Peter Wall was in the Zoom meeting, said it would soon publish an audit of its 2020 energy use. Mr Wall said many miners shared Mr Musk’s concerns about Bitcoin’s emissions. Bitcoin miners use high-powered computers to process transactions on the Bitcoin network and create new coins. The process has been criticised for its energy demands, with the cryptocurrency’s annual energy consumption estimated to be higher than entire countries such as The Netherlands and Chile. Mr Musk recently said that Bitcoin’s emissions meant Tesla would no longer accept it as a payment method, a U-turn that came just months after the electric carmaker announced it would allow cars to be bought with the cryptocurrency.