MicroStrategy CEO, Michael Saylor has defined the small print and pondering behind the formation of the Bitcoin Mining Council.
The council was shaped on Could 25 after Saylor brokered a profitable assembly between Elon Musk and a number of other high North American Bitcoin mining corporations. The miners concerned will present present and deliberate renewable utilization transparency, and can foyer different mining operations throughout the globe to achieve this as effectively
— Documenting Bitcoin (@DocumentingBTC) Could 25, 2021
Talking on the digital Consensus 2021 convention, Saylor emphasised that the council was shaped out of the necessity to present larger transparency on the Bitcoin mining trade, and promote sustainable initiatives transferring ahead:
“The only reason we had the meeting is because we wanted to ensure the success of a decentralized cryptocurrency, and the source of decentralization is energy usage,” Saylor mentioned.
“It turns out that Bitcoin miners don’t actually have a good forum for communicating how they generate their energy. We don’t have a standard model for Bitcoin energy usage right now, and we don’t have a future forecast model that we commonly use.”
Nonetheless the Bitcoin Mining Council has confirmed controversial in some quarters with comparisons to the oil manufacturing cartel OPEC. Podcaster Marty Bent, the co-founder of Nice American Mining, which makes use of wasted gasoline from power vegetation to energy its Bitcoin mining operations — drew comparisons to the controversial Bitcoin scaling plans rising out of the 2017 New York Settlement, in his Could 24 publication:
“Do they not recall the last time there was a closed door meeting that involved stakeholders who attempted to speak on behalf of an entire industry?”
However Saylor was fast to rebuff notions there was something clandestine or non-transparent concerning the assembly. “If it was a secret meeting, I wouldn’t have told millions of people the next day that it was a secret meeting. Trust me, you know, we told everybody in the world that we had a meeting,” he mentioned.
He emphasizing the necessity to combat again in opposition to a hostile anti-cryto narrative portrayed by some establishments and media retailers:
“We need to make sure the people that are hostile to Bitcoin and hostile to the crypto industry aren’t defining those narratives and defining those models and defining those metrics. In the absence of any good information or any response on our part, they will define those models.”
The council is made up of North American miners, together with Argos Blockchain, Blockcap, Galaxy Digital, Hive Blockchain, Hut 8 Mining, Marathon Digital, and Riot Blockchain.
Elon Musk’s involvement
Saylor revealed that after a “very long conversation” with Elon Musk, the MicroStrategy CEO reached out to the Bitcoin mining corporations and requested in the event that they’d like to meet the entrepreneur. Through the “constructive” assembly, the opposite attendees reportedly requested Musk for recommendation on how to combat the rising carbon nervousness surrounding Bitcoin:
“We asked Elon for his advice about how we might actually manage concerns in the mainstream. We had a detailed conversation about it. We talked about how we might be able to surface better data. “
Musk’s reported “first-order ask” was “can we come up with a way to publish or create transparency for Bitcoin mining energy usage?” and Saylor echoed this sentiment when he acknowledged:
“I think the first step is, let’s come up with a protocol for us to publish energy information in a way that we can share it with the world and then work together to make sure that we pursue sustainable energy goals.”