Beautiful Virgin Islands

Thursday, Oct 09, 2025

Elon Musk changes his tune on bitcoin mining

Elon Musk changes his tune on bitcoin mining

Bitcoin and other cryptocurrencies plunged earlier this month after Elon Musk said Tesla would stop accepting bitcoin as payment for its vehicles because of the huge amount of energy needed to mine bitcoin. But Musk might be having a slight change of heart.

The Tesla (TSLA) and SpaceX CEO tweeted late Monday that he spoke with bitcoin miners in North America, and they "committed to publish current & planned renewable usage."

Musk added that these miners will ask their global rivals to do so as well, a development he dubbed "potentially promising."

Bitcoin prices (XBT) have stabilized a bit in recent days and are now hovering around $37,000. But that's a far cry from the all-time high of above $60,000 just last month.

The prices of other top cryptos, such as ethereum, binance coin, cardano, XRP and dogecoin, the joke coin that Musk has also tweeted about often but called a "hustle" during his recent "Saturday Night Live" appearance, have also plummeted in the past few weeks.

A crackdown on bitcoin in China, where many miners operate, isn't helping. Neither is new guidance from the US Treasury Department on how to tax bitcoin.

Still, Musk's comments boosted shares of several top bitcoin mining companies, which own facilities that operate high-end hardware used to solve the complex mathematical puzzles required to generate new bitcoin.

Riot Blockchain (RIOT), Marathon Digital Holdings (MARA) and Hive Blockchain (HVBTF) all soared more than 10% Monday before pulling back a bit Tuesday morning.

Michael Saylor, the CEO of software firm MicroStrategy (MSTR), which owns a sizable chunk of bitcoin on its balance sheet and has continued to buy more as prices have dropped, said in a series of tweets Monday that he helped arrange the meeting between Musk and the bitcoin miners.

Saylor specifically mentioned Riot, Marathon and Hive, as well as five other miners, noting that they "have agreed to form the Bitcoin Mining Council to promote energy usage transparency & accelerate sustainability initiatives worldwide."

Shares of MicroStrategy rose 5% Monday but the stock, just like shares of Tesla and bitcoin miners, has largely mirrored the moves of bitcoin and other cryptocurrencies as of late.

MicroStrategy is up more than 20% this year but has plummeted nearly 65% from its 52-week high, making it one of several high-profile companies whose stocks have been whipsawed in the past year.

Newsletter

Related Articles

Beautiful Virgin Islands
0:00
0:00
Close
France: Less Than a Month After His Appointment, the New French Prime Minister Resigns
Hungarian Prime Minister Viktor Orbán stated that Hungary will not adopt the euro because the European Union is falling apart.
Sarah Mullally Becomes First Woman Appointed Archbishop of Canterbury
Mayor in western Germany in intensive care after stabbing
Australian government pays Deloitte nearly half a million dollars for a report built on fabricated quotes, fake citations, and AI-generated nonsense.
US Prosecutors Gained Legal Approval to Hack Telegram Servers
Macron Faces Intensifying Pressure to Resign or Trigger New Elections Amid France’s Political Turmoil
Standard Chartered Names Roberto Hoornweg as Sole Head of Corporate & Investment Banking
UK Asylum Housing Firm Faces Backlash Over £187 Million Profits and Poor Living Conditions
UK Police Crack Major Gang in Smuggling of up to 40,000 Stolen Phones to China
BYD’s UK Sales Soar Nearly Nine-Fold, Making Britain Its Biggest Market Outside China
Trump Proposes Farm Bailout from Tariff Revenues Amid Backlash from Other Industries
FIFA Accuses Malaysia of Forging Citizenship Documents, Suspends Seven Footballers
Latvia to Bar Tourist and Occasional Buses to Russia and Belarus Until 2026
A Dollar Coin Featuring Trump’s Portrait Expected to Be Issued Next Year
Australia Orders X to Block Murder Videos, Citing Online Safety and Public Exposure
Three Scientists Awarded Nobel Prize in Medicine for Discovery of Immune Self-Tolerance Mechanism
OpenAI and AMD Forge Landmark AI-Chip Alliance with Equity Option
Munich Airport Reopens After Second Drone Shutdown
France Names New Government Amid Political Crisis
Trump Stands Firm in Shutdown Showdown and Declares War on Drug Cartels — Turning Crisis into Opportunity
Surge of U.S. Billionaires Transforms London’s Peninsula Apartments into Ultra-Luxury Stronghold
Pro Europe and Anti-War Babiš Poised to Return to Power After Czech Parliamentary Vote
Jeff Bezos Calls AI Surge a ‘Good’ Bubble, Urges Focus on Lasting Innovation
Japan’s Ruling Party Chooses Sanae Takaichi, Clearing Path to First Female Prime Minister
Sean ‘Diddy’ Combs Sentenced to Fifty Months in Prison Following Prostitution Conviction
Taylor Swift’s ‘Showgirl’ Launch Extends Billion-Dollar Empire
Trump Administration Launches “TrumpRx” Plan to Enable Direct Drug Sales at Deep Discounts
Trump Announces Intention to Impose 100 Percent Tariff on Foreign-Made Films
Altman Says GPT-5 Already Outpaces Him, Warns AI Could Automate 40% of Work
Singapore and Hong Kong Vie to Dominate Asia’s Rising Gold Trade
Trump Organization Teams with Saudi Developer on $1 Billion Trump Plaza in Jeddah
Manhattan Sees Surge in Office-to-Housing Conversions, Highest Since 2008
Switzerland and U.S. Issue Joint Assurance Against Currency Manipulation
Electronic Arts to Be Taken Private in Historic $55 Billion Buyout
Thomas Jacob Sanford Named as Suspect in Deadly Michigan Church Shooting and Arson
Russian Research Vessel 'Yantar' Tracked Mapping Europe’s Subsea Cables, Raising Security Alarms
New York Man Arrested After On-Air Confession to 2017 Parents’ Murders
U.S. Defense Chief Orders Sudden Summit of Hundreds of Generals and Admirals
Global Cruise Industry Posts Dramatic Comeback with 34.6 Million Passengers in 2024
Trump Claims FBI Planted 274 Agents at Capitol Riot, Citing Unverified Reports
India: Internet Suspended in Bareilly Amid Communal Clashes Between Muslims and Hindus
Supreme Court Extends Freeze on Nearly $5 Billion in U.S. Foreign Aid at Trump’s Request
Archaeologists Recover Statues and Temples from 2,000-Year-Old Sunken City off Alexandria
China Deploys 2,000 Workers to Spain to Build Major EV Battery Factory, Raising European Dependence
Speed Takes Over: How Drive-Through Coffee Chains Are Rewriting U.S. Coffee Culture
U.S. Demands Brussels Scrutinize Digital Rules to Prevent Bias Against American Tech
Ringo Starr Champions Enduring Beatles Legacy While Debuting Las Vegas Art Show
Private Equity’s Fundraising Surge Triggers Concern of European Market Shake-Out
Colombian President Petro Vows to Mobilize Volunteers for Gaza and Joins List of Fighters
×