The Bitcoin Mining Council made its formal debut on Thursday, while the debate about the environmental impact of digital assets intensifies.
The Bitcoin Mining Council describes itself as a “voluntary and open forum for Bitcoin miners who are committed to the network and its basic principles”. According to its official website, its mission is to promote transparency, support best practices, and promote education about Bitcoin.
The CEO of MicroStrategy, Michael Saylor, one of the founding members, posted a wake-up call on his Twitter on June 10th.
The Bitcoin Mining Council is a voluntary and open forum of Bitcoin miners who are committed to the network and its basic principles. We promote transparency, share best practices and inform the public about the benefits of #Bitcoin and bitcoin mining. Join us. https://t.co/vGPGD3TA5p
to???? Michael saylor (@michael_saylor) June 10, 2021
The organization consists of a group of energy-conscious North American bitcoin mining companies. Elon Musk first suggested organizing in a TweetÂ Late May, but he’s made it clear by now that he won’t play a role on the council. The website tries to underline this point:
Elon Musk has no role at BMC. The scope of his engagement was taking part in an educational call with a group of North American companies to discuss Bitcoin mining.
In addition to MicroStrategy, the founding members include the investment management company Galaxy Digital, the blockchain mining company Argo, the blockchain technology company Hive and the bitcoin mining company Riot. The founding members bear all running costs and have invited every bitcoin miner from around the world to join.. It is stated that any miner who joins must do the following:
â ???? Transparency about energy use for mining is important and you agree to voluntarily share your energy mix and hash rate size for educational and research purposes.
BMC will hold quarterly meetings to analyze mining trends, work with industry researchers, and collect data for educational purposes and fuel the growth of the North American BTC mining industry.
The group confirmed that it is completely independent of the Bitcoin network itself and that it has no intention of disrupting its decentralization.
“We are not trying to change the decentralized nature of Bitcoin or its rationale, but we are working to raise awareness of Bitcoin and its mining.”
He added that The council believes that bitcoin’s energy consumption is a function, not a bug, that provides tremendous security to the network. The energy use of global mining operations has recently been in the spotlight due to comments made by Elon Musk about its environmental impact.
The Cambridge Bitcoin Electricity Consumption Index (CBECI) estimates that Bitcoin’s annual electricity consumption is currently somewhere between the Netherlands and the United Arab Emirates.
Related: Nic Carter is faced with claims that Bitcoin is an environmental disaster
According to recent government restrictions, China’s dominance in hash rate is decreasing while that of the United States is increasingbecause mining operations in states like Texas can use cheap renewable energy.
More and more companies are being founded in the US, attracted by this abundance of renewable energies. The recent collaboration between mining software company Luxor and institutional bitcoin financial services and technology company NYDIG aims to fuel growth in this fast-growing sector.
However, one of the biggest geographic winners is neighboring Kazakhstan.