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.