The Bitcoin Mining Council officially debuted on Thursday as the debate over the environmental impact of digital assets intensifies.
The Bitcoin Mining Council is described as a “voluntary and open forum of bitcoin miners who are committed to the network and its basic principles.” Its role is to promote transparency, promote best practice and promote bitcoin training according to the official Website.
MicroStrategy CEO Michael Saylor is one of the founding members who published a call to arms on his Twitter on June 10.
The Bitcoin Mining Council is a voluntary and open forum for bitcoin miners who are committed to the network and its basic principles. We promote transparency, share best practices and educate the public about the benefits #Bitcoin and bitcoin mining. Join us. https://t.co/vGPGD3TA5p
– Michael Saylor (@michael_saylor) June 10, 2021
The organization consists of a group of energy-conscious North American bitcoin mining companies. It was first proposed by Elon Musk va tweet at the end of May, but has since clarified that it will have no role in the Council. This site highlights this point:
“Elon Musk has no role in the BMC.” The scope of his involvement was to engage in an educational conversation with a group of North American companies to discuss bitcoin mining. ”
In addition to MicroStrategy, the founding members are Galaxy Digital, an investment management company, Argo’s blockchain mining company, Hive’s blockchain technology company, and Riot’s bitcoin mining company. The founding members cover all operating costs and called for the connection of any bitcoin miner from around the world. He said that any miner who joins should:
“Believe that transparency regarding the use of energy for mining is important, and agree to voluntarily share their energy mix and hashrate size for research and educational purposes.”
BMC will hold quarterly meetings to analyze mining trends, partner with industry researchers, collect data for educational purposes, and support the growth of BTC’s North American mining industry.
The group has confirmed that it is completely independent of the bitcoin network itself and does not intend to disrupt its decentralization.
“We are not trying to change the decentralized nature of bitcoin or its basic principles, but rather are working to raise awareness about bitcoins and bitcoin mining.”
She added that the Council believes that the use of bitcoin energy is a feature, not a flaw, that provides tremendous network security. The energy consumption of global mining operations has recently come to the fore after Elon Musek’s comments intervention in the environment.
Cambridge Bitcoin Electricity Consumption Index (CBECI) estimates The annual electricity consumption of bitcoins is currently somewhere between the Netherlands and the UAE.
Following recent state agreements, China’s hashrat dominance is gradually diminishing America is growing because mining operations can use cheap renewable energy in states like Texas.
Other companies are starting operations in the USA, which attracts a large amount of renewable energy. The latest collaboration between a mining software company Luxor and institutional firm dealing with bitcoin technologies and financial services NYDIG aims to support growth in a fast-growing sector.
However, one of the biggest winners for geographical reasons is next door Kazakhstan.