Bitcoin Mining Council made debut amid debate over environmental impact

The Bitcoin Mining Council made a formal debut on Thursday as the debate regarding the environmental impact of the digital asset intensifies.

Bitcoin Mining Council made debut amid debate over environmental impact

The organization is aiming to promote transparency, endorse good practices, and foster Bitcoin education. The council consists of a group of energy-conscious North American Bitcoin mining companies. 

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

The Bitcoin Mining Council is a voluntary and open forum of Bitcoin miners committed to the network and its core principles. We promote transparency, share best practices, and educate the public on the benefits of #Bitcoin and Bitcoin mining. Join us.

The Bitcoin Mining Council is describing itself as a voluntary and open forum of Bitcoin miners committed to the network and its core principles.

The organization is aiming to promote transparency, endorse good practices, and foster Bitcoin education. The council consists of a group of energy-conscious North American Bitcoin mining companies. 

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

 

It was first suggested by Elon Musk in a tweet in late May, but he has since clarified that he will have no role at the council. The site however clarifies:

“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.”

Along with MicroStrategy, the founding members include investment management firm Galaxy Digital, blockchain mining company Argo, blockchain technology firm Hive, and Bitcoin mining company Riot. The founding members will cover any running costs and invite any Bitcoin miner from anywhere around the world to join. It stated that any miner joining 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.”

Additionally, the council will hold quarterly meetings in order to analyze mining trends, partner with industry researchers, gather data for educational purposes, and foster growth in the North American BTC mining industry.

The group also confirmed that it is not associated with the Bitcoin network itself and has no intentions to disrupt its decentralization.

The council believes that Bitcoin’s energy usage is a feature, not a bug, providing tremendous network security. The energy consumption of global mining operations has come under the spotlight recently in the wake of Musk’s comments regarding its environmental impact.

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