Bitcoin Mining Council Answers Confusing Questions
🚩Recently The Bitcoin Mining Council has made statements that shed light on many of the confusions that have arisen recently.
The Bitcoin Mining Council made an official statement on Thursday amid ongoing environmental discussions about the leading cryptocurrency. Defining itself as a voluntary and open forum of Bitcoin miners committed to the network and its core principles, the mission of the Bitcoin Mining Council is to promote transparency, support good practices and promote Bitcoin education, according to its official website.
🚩MicroStrategy CEO Michael Saylor is known as one of the dry members who support the Bitcoin Mining Council in a Twitter post he shared on June 10.
🚩Elon Musk and the Bitcoin Mining Council
The name of the Bitcoin Mining Council has recently become important again with Elon Musk , and Musk made several suggestions in a Twitter post in late May. However, at that time, Musk stated that he had no relationship with the Council. The Council also specifically addressed this issue in its latest statements and said, “Elon Musk has no role in BMC. The extent of his involvement was to attend a training call with a group of North American companies to discuss Bitcoin mining.” He uses his words.
On the other hand, among the founders of the Bitcoin Mining Council, besides MicroStrategy, there are investment management firm Galaxy Digital, Blockchain mining company Argo, Blockchain technology firm Hive and Bitcoin mining company Riot.
🚩Call to Miners All Over the World
The founding members stated that they would cover all operating costs and invited any Bitcoin miner from all over the world to join them. To participate, a Bitcoin miner must:
Believe that transparency about energy use for mining is important and agree to voluntarily share energy mixes and hash rates for research and educational purposes
Additionally, BMC will hold a quarterly meeting to analyze mining trends, partner with industry researchers, collect data for educational purposes, and stimulate growth in the North American BTC mining industry.
In addition, the group underlined that the Bitcoin network is completely independent of itself and has no intention of disrupting decentralization.
🚩Electricity Usage
The energy consumption of global mining operations has recently come into focus after Elon Musk's comments on its environmental impact. The Council added that it believes Bitcoin 's energy use is not a bug, but a feature that provides tremendous network security.