The Micheal Saylor-backed Bitcoin Mining Council, (BMC), made its debut June 10, as an open forum for Bitcoin miners amid backlash against the use of fossil fuel-based energy to mine the cryptocurrency.
The BMC’s mandate is to encourage transparency, share best practice and educate the public about the benefits of Bitcoin and Bitcoin miners. According to the council website, nine companies have backed the initiative, including Micro Strategy and Galaxy Digital, BlockCap, Marathon, and BlockCap.
MicroStrategy Inc. Chief executive Officer Michael Saylor wrote, “The Bitcoin Mining Council” on Twitter. He is one of the founders of the organization. “Join us.”
The Bitcoin Mining Council, a forum for Bitcoin miners that is open and voluntary, supports 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.
Many leaders and studies raised concerns about the carbon footprint of cryptocurrency mining. This involves creating new coins using multiple computers that consume electricity to compute complex mathematical equations. The majority of the electricity used comes from fossil fuels.
US Democratic Senator Elizabeth Warren stated that Bitcoin requires so much computing activity, it consumes more energy than whole countries.
Tesla chief Elon Musk had also reversed course on the use of bitcoin to purchase its vehicles. Musk stated that Tesla will not sell bitcoins and plans to use bitcoin to transact as soon as the mining technology becomes more sustainable.
BMC maintains that Bitcoin’s energy consumption is a “feature” and not a problem, as it provides “tremendous security network-wide.” Membership in the commission means that you will have to disclose energy sources used for Bitcoin mining.
Although Musk was not mentioned on the website, he acknowledged that he had participated in an “educational call” that brought together a number of North American companies to discuss Bitcoin mining.
Musk tweeted in May that he was in “potentially encouraging talks” with North American Bitcoin miners about energy conservation in mining the cryptocurrency.
All Bitcoin miners can join the commission without cost if they believe in the same mandate for transparency and share best practices. According to the website, the BMC’s founding members will pay the onboarding and operating costs for the first year. It added that any excess funds will be returned to Bitcoin core development via an established organisation.