After the recent uproar and worries on Bitcoin’s energy consumption, The Bitcoin Mining Council, officially launched on Friday. The organization’s website is very straightforward and set up a FAQ section that answers some of the most prevailing questions out there.
As noted on the site, the Council’s mission is as follows:
“The mandate of the Bitcoin Mining Council is to promote transparency, share best practices, and educate the public on the benefits of Bitcoin and Bitcoin mining.”
The Council then leaves no doubts on its position in the energy debate:
“Bitcoin’s energy usage is a feature, not a bug, and provides tremendous network security. By providing a voluntary disclosure forum, miners can decide to share their energy sources, in hopes of promoting transparency.”
Individual members of the Council are required to share accurate energy numbers. This is an important part of the agreement as miners and mining companies are traditionally hesitant to share these statistics.
The council held its first meeting last month when Michael Saylor hosted a group of several miners in America. At the time the meeting was intended to point bitcoin mining in a cleaner, greener direction. However, the Bitcoin Mining Council states that:
“This focus clearly leaves behind the green push that originated it. While the Bitcoin Mining council has 9 members including Microstrategy, the site states any miner can join.”
Michael Saylor “yes”, Elon Musk “no”
While the Bitcoin Mining Council states Michael Saylor is one of the “key members of the BMC, both as a facilitator and Bitcoin supporter,” it also declares that Elon Musk has no involvement:
“Elon Musk has no role at the BMC. The extent of his involvement was joining an educational call with a group of North American companies to discuss Bitcoin mining.”
Musk may not have had any direct involvement in the creation of the organization. However, he most certainly drove public attention to Bitcoin’s energy consumption. Tesla, Musk’s electrical vehicle company, stopped accepting Bitcoin as a payment method due to environmental concerns. This after Musk had already called Bitcoin’s energy footprint “insane” in one of his tweets.
Following this ‘insanity’ at the time, the crypto market took a plunge as Musk announced to end his love affair with the number one cryptocurrency.
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