Thursday, September 29, 2022

Bitcoin Mining Council Debuts Its Operation, Clarifies Elon Does Not Have Role In It

As the concern regarding the environmental impact of crypto mining activities deepens, the Bitcoin Mining Council initiates its operation, formally.

On June 10, while making its first public appearance, the Bitcoin Mining Council specifies that it is a “voluntary and open forum of Bitcoin miners committed to the network and its core principles.” 

The official website of the council further reads that it will provide transparency, sanction good practices and promote Bitcoin education.

MicroStrategy CEO Michael Saylor, who is one of the founding members of the council, call to arms on his Twitter on Thursday.

A group of energy-conscious Bitcoin Mining companies from North America, are part of this council. 

Last month, the co-founder of Tesla, Elon Musk, announced the formation of a new Bitcoin Mining Council through his Twitter account. However, he also clarified that he would not be playing any role at the Council. 

The official site of Council went out of its way to point out, “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.”

Apart from MicroStategy, Investment management firm Galaxy Digital, blockchain mining company Argo, blockchain technology firm Hive and Bitcoin mining company Riot are the founder members of the Council, reads the website.

The founding members will provide any of the running costs to the companies that are part of the Council. They also have the authority to invite Bitcoin miners from everywhere to join BMC. 

The website states that any bitcoin miner joining the Council should “Believe that transparency around energy usage for mining is important and agree to voluntarily share their energy mix and hashrate size for research and educational purposes.”

As per the announcement, at every quarterly time period, BMC will hold a meeting to discuss market trends and partner with industry researchers. The Council will also collect the data related to crypto-education and promote it in the North American BTC mining industry.

The group, by itself, has clarified that it is not a part of the Bitcoin network, instead, it is independent. Also, the Council does not want to disturb the decentralization. 

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