Bitcoin price advanced to reach a high of $39,944 on Monday after plunging to a low of $31,132 on Sunday. At the time of filing the report, Bitcoin price was 8.88 per cent up at $38,403.95. The recovery in the Bitcoin freefall was seen after a new Bitcoin Mining council, spearheaded by Tesla chief executive Elon Musk and MicroStrategy chief executive Michael Saylor, held a meeting with Bitcoin miners in North America to appreciate their efforts towards making operations greener.

"Spoke with North American Bitcoin miners. They committed to publish current & planned renewable usage & to ask miners WW to do so. Potentially promising," Musk tweeted.

Saylor said miners have decided to promote energy usage transparency and boost sustainability, and has formed the Bitcoin Mining Council to promote green initiatives.

"Yesterday I was pleased to host a meeting between @elonmusk & the leading Bitcoin miners in North America.  The miners have agreed to form the Bitcoin Mining Council to promote energy usage transparency & accelerate sustainability initiatives worldwide," he tweeted.

Two weeks ago, Bitcoin, which is the most popular cryptocurrency in the world, started freefall and lost 30 per cent to $31,000, as its most popular proponent, Musk, backtracked, saying Tesla will no longer accept payments in Bitcoin as its mining causes harm to the environment.

The rout wiped $500 billion from Bitcoin's peak market value. The coin is now down more than 50 per cent from its record level of almost $65,000 posted in April. Further positive statements by Musk have, however, helped Bitcoin recover some of its losses.