London Daily

Focus on the big picture.
Tuesday, Sep 22, 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

0:00
0:00
Close
British Museum Faces Questions Over Peter Thiel’s Private Bayeux Tapestry Viewing
Earl Spencer Memoir Excerpts Renew Public Debate Over Diana’s Death
Liberal Democrats Gather in Brighton for Autumn Conference
Mothercare Shares Plunge as Middle East Store Closures Threaten Long-Term Solvency
Kent Police Treat Folkestone Hotel Fire as Suspicious
Caribbean Governments Advance Reparations Campaign Seeking Engagement With Britain
Scottish Labour Leader Backs Rosebank and Jackdaw North Sea Projects
FCA Urges Young Adults to Trace £1.5 Billion in Unclaimed Child Trust Funds
UK Competition Regulator Opens Inquiry Into McCormick-Unilever Foods Deal
Public Inquiry Into Tees, Esk and Wear Valleys Mental Health Failings Set to Begin
Nigel Farage Looks to US Immigration Enforcement Model for UK Border Policy
Chiltern Railways Moves Into Public Ownership
Security Review Raises Concerns Over Sensitive UK Police Data Stored on Microsoft Cloud
Burnham Government Warns of Difficult Autumn Budget as Fiscal Headroom Narrows
Bank of England Holds Rates at 3.75% as Inflation Rises to 3.1%
Ed Sheeran Tour Faces Backlash After Macklemore Is Removed Over Pro-Palestinian Remarks
Vandalism of Traffic Cameras Intensifies Across Parts of England
Nearly 300 Evacuated as Fire Hits Grand Burstin Hotel in Folkestone
King Charles Warns AI Executives About Risks From Uncontrolled Technology
Church of England Apologises for Role in Historical Forced Adoption Practices
UK Debate Over Online Speech Intensifies After Arrest Figures Draw Scrutiny
Oxfordshire Village Holds Symbolic Independence Vote Over Asylum Accommodation Plan
Nigel Farage and Richard Tice Sue National Crime Agency Over Alleged Banking Data Leaks
Apple Introduces Stricter Age Checks for UK Accounts
BBC Cash Reserves Fall 66% to £125 Million as Broadcaster Restructures
McLaren Announces £500 Million UK Investment and Plans 1,000 Jobs
Green Party Wins Historic Gorton and Denton By-Election as Labour Falls to Third
Burnham Government Prepares October Budget Under Growing Fiscal Pressure
UK Energy Suppliers Pull Fixed-Price Deals as Wholesale Markets Turn More Volatile
Bank of England Holds Rates at 3.75% as Middle East Energy Shock Raises Inflation Risks
Addison Lee Founder Loses £20 Million UK Tax Tribunal Case
BrewDog Creditors Face Losses on About £190 Million of Debt
Harrods Seeks to Recover Abuse Compensation Costs From Mohamed Al Fayed’s Estate
Ed Davey Targets Reform UK as Liberal Democrat Conference Opens
Great Britain Retail Sales Rise 0.5% in August
NHS England Approves Life-Extending Treatment for Incurable Breast Cancer
Proposals to Limit NHS ADHD Diagnoses Draw Criticism From Patient Groups
Resolution Foundation Warns of Housing Cost Crunch for Low-Income UK Families
BBC Cash Reserves Fall to Decade Low as Annual Deficit Reaches £121 Million
Millisecond Software Error Triggered Major UK Air Traffic Control Disruption
Twenty Women Underwent Unnecessary Mastectomies During NHS Cancer Care
Sensitive UK Police Data Found Vulnerable to Access by Foreign Actors
British Steel Faces Renewed Pressure for a Long-Term Financial Plan
MPs Urge Government to End Thames Water Restructuring Talks With U.S. Hedge Funds
Andy Burnham Warns of Difficult UK Budget Choices as Inflation Returns to 3.1%
England Tightens School Food Standards With Restrictions on Deep-Fried and High-Sugar Foods
Oxfordshire Village Votes Symbolically to Leave UK Over Proposed Asylum Centre
Michael Marra Elected Leader of Scottish Labour
BBC Cash Reserves Fall Sharply as Financial Pressures Mount
George Osborne Calls for UK to Rejoin EU Customs Union
×