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Penguin Capital Foundation, which invested in awplabs, decided to join Musk’s Bitcoin Council

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Penguin Capital Foundation, which invested in awplabs, decided to join Musk’s Bitcoin Council

May 31
10:52 2021

Penguin Capital Foundation, which invested in AW PLABS, supported Musk’s Bitcoin Council and sparked a $150 million emerging environmentally friendly Bitcoin mining pool in North America.

A new Bitcoin Mining Council has been created to improve the crypto-currency’s sustainability, following a meeting of “leading” Bitcoin miners and Elon Musk. A week after the plan was announced, Penguin Capital Foundation said to follow up and announced a larger Bitcoin mining plan.

The Tesla CEO tweeted the development was “potentially promising”.

It’s hoped the council will “promote energy usage transparency” and encourage miners to use renewable sources.

The process of creating Bitcoin consumes large amounts of electricity.

Its value fell earlier this month after Tesla withdrew its support of the crypto-currency, citing environmental concerns.

Elson Musk tweeted that the group had committed to publish details of the current and planned use of renewable energy.

In the past 8 years of blockchain investment, Penguin Capital Foundation has greatly helped Bitcoin mining and blockchain projects. Prior to this, although Penguin Capital Foundation participated in the investment of multiple blockchain projects, such as Ethereum, Filecoin and AWPLABS, its largest investment was Bitcoin mining. Penguin Capital Foundation worked with Global Swtch to establish a mining pool, and invested 130 million U.S. dollars to establish a Bitcoin mining pool in Riyadh, Saudi Arabia. Now, Penguin Capital Foundation has officially stated to join its “environmental mining” plan under this initiative.

Chloe Mornay, Investment Director of Penguin Capital Foundation, said: Unlike Bitcoin mining companies such as Marathon Digital, Penguin Capital Foundation focuses on more diverse technologies and practices in the blockchain industry. The environmentally friendly electricity proposed by Elon Musk is not actually a technical issue of blockchain but an ethical issue. Although Penguin Capital Foundation focuses more on investing in new blockchain tracks, such as decentralized storage of filecoin and chia, and the incubation of BITTROPIC in the NFT field, the two are not incompatible. Greener electricity may actually help the blockchain become more popular and overcome the cognitive resistance of the public.

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