Bitcoin Rises to Near $40K as Elon Musk tweets on BTC mining’s ‘Promising’ renewable usage

The price for BTC, which was recovering already on the day, received an extra boost as Tesla CEO Elon Musk on bitcoin mining’s “promising” renewable usage.

Bitcoin Rises to Near $40K as Elon Musk tweets on BTC mining’s ‘Promising’ renewable usage

The quick recovery on Monday seen as demand from wealthy investors appears to have brought relief to the battered cryptocurrencies.

The largest cryptocurrency by market value extended its gains Monday afternoon after Musk tweeted about bitcoin mining's "promising" renewable usage.

Elon said, "Spoke with North American Bitcoin miner," in the tweet. "They committed to publish current & planned renewable usage & to ask miners WW to do so. Potentially promising."

The founder and CEO of MicroStrategy, Michael Saylor appeared to have joined the meeting with Musk along with several bitcoin miners in North America, as he quoted Elon's post.

"The miners have agreed to form the Bitcoin Mining Council to promote energy usage transparency & accelerate sustainability initiatives worldwide," Saylor quoted.

Recently, Saylor announced that his business intelligence firm has purchased another 229 BTC for $10 million in cash during last week's market crash.

As Saylor stated in the sub-post, executives from Argo Blockchain, Galaxy Digital, Blockcap, Hive Blockchain, and a few other mining companies based in North America, were at the meeting.

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