The ever influential Musk is pulling bitcoin where it once ...

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The ever influential Musk is pulling bitcoin where it once loathed to go

In earlier days of cryptocurrency, the prospect of centralised mining would have been enough to turn participants away

Elaine Ou

Bitcoin uses a lot of electricity. So do electric cars, space travel and civilisation in general, but few things burn energy so shamelessly.

To assuage critics, Elon Musk and Michael Saylor announced late last month that bitcoin miners in North America had agreed to form the Bitcoin Mining Council, an organisation that would promote energy transparency and sustainable mining practices.

A noble effort, to be sure, but one that drew much criticism. Participants in a decentralised currency tend to be sceptical of efforts at cooperation, which is just a politically correct term for collusion. To them, a bitcoin mining council sounds a lot like Opec or, worse, the US Federal Reserve...

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