Bitcoin Mining Council on June 12 2021, launched its official website and disclosed in detail its members, the objectives and the mission statement of the organisation.
The Bitcoin Mining Council was initially a closed organisation, but recently open for miners to join. Michael Saylor gets a founding member status, the site states Elon Musk has “no role” in the council.
What is the Mandate of the Bitcoin Mining Council?
The Bitcoin Mining Council is an organisation born out of concerns about Bitcoin’s energy consumption, launched officially yesterday. The website also explains the plan to tackle the task of addressing bitcoin energy worries. The site states:
The organisation will ensure that individual members need to provide accurate energy numbers. Miners alongside companies that are into bitcoin mining are traditionally reluctant to make these reports public.
When Michael Saylor hosted a meeting of a group of several miners in America, the council made a debut. The objective of the meeting was to point bitcoin mining in a cleaner, greener direction.
However, the Bitcoin Mining Council states that:
It’s imperative to note that bitcoin’s energy usage is a feature, not a bug and provides tremendous network security. Miners can decide to share their energy sources by providing a voluntary disclosure forum in hopes of promoting transparency.
As of the time of this publication, the Bitcoin Mining council has 9 members including Microstrategy and the site reveals that any miner can join.
Elon Musk Ignored the BMC
The Council on its website shows that Michael Saylor is one of the “key members of the BMC, both as a facilitator and Bitcoin supporter.” However, Elon Musk, whose activity was key to its establishment, was sidelined. The site declares:
It was visibly observed that Elon Musk was not involved in the creation of the organization, he drove public attention to Bitcoin’s energy consumption. Musk called Bitcoin’s energy footprint “insane” in one of his tweets.
Tesla, the vehicle company where Musk is CEO, also stopped accepting Bitcoin as a payment method due to environmental concerns. This was a key circumstance that started a downtrend in the market.
All of these thrilled both big and small miners to take the subject seriously. In any case, the reverse seems to go hand in hand with Musk’s latest Twitter disunity with Bitcoin.