Beautiful Virgin Islands

Wednesday, Jul 15, 2026

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
Harvard Astrophysicist to Lead U.S. Scientific Advisory on Unidentified Aerial Phenomena
On the Island That Did Not Yield to Trump, There Is No Electricity, and 10 Million Live in Darkness
Emergency Sirens Activated Across Bahrain as Interior Ministry Issues Shelter Directives
World Cup Visitors Turn American Big-Box Stores Into Souvenir Stops
Netflix Weighs Always-On Channels, Bundles and Short-Form Video
Passenger Is Pulled Partly Outside Ryanair Jet After Window Fails Mid-Flight
The AI Invoice Shock: Layoffs Didn't Save Managers Money — They Cost Them More
Concern: Sexually Transmitted Bacterium Among Men Develops Antibiotic Resistance
Following Massive Investor Demand: SK Hynix Raises 26.5 Billion Dollars on Nasdaq
Passenger Partially Pulled Out of Ryanair Jet After Cabin Window Fails Mid-Flight
After Four Years, and Under a Heavy Veil of Secrecy: King Charles Meets His Grandchildren, Harry and Meghan's Children
Severe Heatwave Drives Dangerous Ground-Level Ozone Pollution Across Two Thirds of European Union
Westminster in Freefall as Farage's By-Election Gamble Triggers Broader Systemic Crises
Institutional Fractures and Political Volatility Reshape Britain's Domestic Landscape
Deadly Fire, Health Emergencies and Political Upheaval Shape a Volatile Global News Cycle
Flight Instructor Jumped to His Death — Student Landed the Plane: "You Know What You Need to Do"
The Physical and Electronic Barriers Disrupting Domestic Wireless Networks
France and Morocco Open World Cup Quarter-Finals as Collina Defends Refereeing
Prince Harry Suffers Major Court Defeat in Legal Battle Against Daily Mail Publisher
Bonnie Tyler, Welsh Singer Behind Total Eclipse of the Heart, Dies at 75
Tech Pulse: The Future of AI and Screen Culture
Global News Briefing: Escalating Geopolitical Tensions and Corporate Shakeups
Global News Brief: Escalating Conflicts, Public Health Crises, and World Cup Drama
Federal Financial Framework Shifts as Treasury Launches Universal Savings Program for Minors
French Court Allows Le Pen to Run for Presidency, but with an Electronic Tag: "I Will Appeal, and I Will Run"
$1.4 Trillion: The Lawsuit That Could Crush Meta
Europe's Growing Struggle with Extreme Heat and Air Conditioning
UK Daily Briefing: Legal Developments and Social Issues
Political Turmoil and Rising Costs
Anthropic Reengineers Agentic Architecture to Shift Autonomous Workplace Automation to the Cloud
Logic Flaw in Windows 11 Permission Architecture Silently Consumes Hundreds of Gigabytes of Local Storage
Apple Advances Late-Stage Operating Systems with Fourth Beta Deployments
Global Crisis Alert: Escalating Middle East Tensions and UK Political Upheaval
Deep Purple Has Released Its Best Album in Decades
Microsoft Lays Off 4,800 Employees and Xbox Suffers the Hardest Blow
Morocco and France Advance as 2026 FIFA World Cup Enters Quarterfinals.
Historic 2026 Tour de France Opens in Barcelona With Revamped Team Time Trial.
Global Mergers and Acquisitions Approach $4 Trillion Defying Geopolitical Tumult.
Negotiators Advance 20-Point Framework for Gaza Ceasefire and Demilitarization.
OECD Warns Middle East Conflict Will Depress Global Economic Growth.
Ukrainian Drones Strike Major Oil Terminal in St. Petersburg.
World Meteorological Organization Issues Urgent Alert Over Rapidly Intensifying El Niño.
United States Commemorates 250th Anniversary With Diplomatic Summits and Global Flotilla.
Iran Begins Days-Long Funeral for Supreme Leader Khamenei Amid Strait of Hormuz Standoff.
Technology giant reports surging carbon emissions driven by artificial intelligence infrastructure demands.
Artificial intelligence adoption accelerates workforce reductions across the technology and financial sectors.
Global technology and financial conglomerates collaborate to launch a new stablecoin standard.
United States regulators lift export restrictions on a major frontier artificial intelligence model.
Luxury bags take over the World Cup: style, status symbol, or just showing off?
×