No Roles for Elon Musk — Says the Bitcoin Mining Council
The Bitcoin Mining Council bills itself as a “voluntary and open forum of Bitcoin miners dedicated to the network and its basic values.”
According to the official website, its mission is to promote transparency, advocate good practices, and support Bitcoin education.
- The BMC made its official debut amid increasing worries about the environment and cryptocurrencies
- It came as no surprise that Musk was missing from the forum
- Many supporters have blamed Tesla for undermining the decentralized nature of cryptocurrencies.
The association is made up of a consortium of energy-conscious Bitcoin mining firms from North America. Elon Musk initially proposed it in a Tweet in late May, although he has subsequently stressed that he would not be a council member. The website makes an effort to emphasize this point: Among the original members are investment management business Galaxy Digital, blockchain mining startup Argo, blockchain technology firm Hive, and Bitcoin mining business Riot.
Role of members
The founding members will bear all operating expenses and have welcomed any Bitcoin miner from anywhere globally to participate. According to the statement, the BMC will host quarterly meetings to assess mining patterns, work with industry researchers, collect data for educational reasons, and stimulate development in the North American BTC mining business.
The outfit stated that it is fully independent of the Bitcoin network and has no plans to undermine its decentralization. It went on to say that the Council feels Bitcoin’s energy use is a feature, not a defect, and that it provides excellent network security. The energy usage of global mining operations has lately come under scrutiny due to Elon Musk’s statements on its environmental effect.
According to the Cambridge Bitcoin Power Use Index (CBECI), Bitcoin’s yearly electricity consumption is halfway between Holland and that of the United Arab Emirates. Following recent state crackdowns, China’s hash rate supremacy is diminishing, while America’s is growing as mining businesses can access inexpensive renewable energy in areas like Texas. More companies are establishing operations in the United States, drawn by the availability of renewable energy.