North America’s Bitcoin (BTC) mining industry appears to be moving towards greater environmental sustainability after MicroStrategy CEO Michael Saylor brokered a successful meeting between Elon Musk and several prominent business leaders.

Saylor and Musk both revealed Monday that the Bitcoin Mining Council has been established following the high-level talks. The council is made up of several industry leaders, including Argos Blockchain, Blockcap, Galaxy Digital, Hive Blockchain, Hut 8 Mining, Marathon Digital and Riot Blockchain. They’ve all agreed to “promote energy usage transparency [and] accelerate sustainability initiatives worldwide,” Saylor tweeted Monday.

Saylor also indicated that the new industry group is committed to pursuing broad environmental, social and corporate governance goals concerning Bitcoin mining, as well as educating the marketplace about how the mining process works.

Bitcoin bounces after weeklong ‘capitulation event’ results in $14.2B in losses

Bitcoin price briefly tops $40,000 and Ether climbs above $2,600 as traders gain their composure following last week's "historic deleveraging event."

Crypto traders were greeted by green markets on May 24 as the majority of altcoins saw their prices bounce back following last week's downturn that was the “largest deleveraging event since the March 2020 sell-off,” according to an on-chain report from Glassnode.

After suffering the biggest monthly price drop in Bitcoin (BTC) history, bulls now look to stage a comeback with a significant amount of support forming near the $37,000 level, and within the last hour, Bitcoin's price pushed up back to the $40,000 level.

Bitcoin price pullback. Source: Glassnode

The capitulation experienced last week was “one for the history books,” with data from Glassnode showing that the magnitude of realized losses on-chain “eclipsed all previous capitulation events” with a new all-time high of $4.53 billion in losses recorded on May 19 and $14.2 billion recorded for the week as a whole.

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