China’s tough stance on cryptocurrencies has already been a major factor behind the crash which saw over 800 billion dollars wiped out of the crypto market last week. The ban on Bitcoin mining by the Chinese authorities is keeping the leading tokens breaking the bear chain.
Elon Musk, who shares the blame for the market crash, now sees an opportunity in China’s ban on Bitcoin miners. It is important to note that China is the global hub of Bitcoin mining and has so far been patronising crypto endeavours. However, following the ban, many miners in the country are now actively planning to shift operations to Europe or North America.
Elon Musk who recently criticized Bitcoin mining to be energy-intensive is now in talks with several miners in the US and Canada and is focussing on making Bitcoin mining greener. He is exploring the ideas and opportunities to make miners use more renewable sources of energy for Bitcoin mining.
In a tweet yesterday, TESLA Ceo said that he was speaking to North American Bitcoin miners and that “they committed to publish current & planned renewable usage & to ask miners to do so.”
Michael Saylor, CEO of MicroStrategy who is amongst the biggest investors in cryptocurrencies and Bitcoin, in particular, said that he facilitated the meeting between Elon Musk and the miners. The market is still down but not in a free fall. It is recovering. Investors have got a moment of relief to see the top tokens picking up and going further south.