Tesla, led by Elon Musk, confirmed that it purchased about $ 1.5 billion in bitcoin in January and expects to start accepting it as a payment in the future.

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The price of bitcoin is approaching $40,000 once again after Tesla CEO Elon Musk tweeted that he was having active discussions with bitcoin miners regarding the sustainability of the digital coin.

The world’s most popular cryptocurrency started Tuesday at over $39,000 before falling back toward $37,000.

It was trading at around $37,768.67 at 1:41 p.m. ET, according to data from CoinDesk, reflecting a market cap at $706.9 billion.

Ethereum’s price has risen around 2.8% to $2,562.18 in the last 24 hours, while dogecoin has seen its price rise around 3.9% to 34 cents a coin.

Musk said via Twitter on Monday: “Spoke with North American Bitcoin miners. They committed to publish current & planned renewable usage & to ask miners WW to do so. Potentially promising.”

The coin initially popped 4% to hit $39,824.81 a few hours later before paring gains.

Microstrategy CEO Michael Saylor followed up on Musk’s tweet, saying he hosted a meeting between the Tesla CEO and some bitcoin miners that led to the formation of the Bitcoin Mining Council, which will promote sustainability.

Bitcoin mining requires vast amounts of energy. As a result, bitcoin has a carbon footprint comparable to that of New Zealand, producing 36.95 megatons of CO2 annually, according to Digiconomist.

Musk has been a