Elon Musk won’t have any role in the Bitcoin mining council as the group clarified today and he even teased the group’s formation in a tweet a month ago, so let’s find out more in our latest Bitcoin news today.
The council aims to promote bitcoin energy usage transparency while Elon Musk likes to keep himself busy on social media by galvanizing BTC miners towards an energy-efficient and cleaner future that will not be on his to-do list formally. The Bitcoin mining council clarified that Elon Musk won’t have any role in the council of North American Bitcoin Mining companies. Musk’s involvement with the group seems to have started and ended with the educational call that he held with the group recently and described as potentially promising.
Spoke with North American Bitcoin miners. They committed to publish current & planned renewable usage & to ask miners WW to do so. Potentially promising.
— Elon Musk (@elonmusk) May 24, 2021
The man who orchestrated the meeting, Michael Saylor of Microstrategy announced the Council’s launch today and described the group as a voluntary and open forum of BTC miners that are committed to the network and its core principles. Saylor added:
“We promote transparency, share best practices, and educate the public on the benefits of Bitcoin and Bitcoin mining.”
The Bitcoin Mining Council is a voluntary and open forum of Bitcoin miners committed to 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. 🙏https://t.co/vGPGD3TA5p
— Michael Saylor (@michael_saylor) June 10, 2021
Bitcoin mining is quite an energy-intensive process that requires huge amounts of computational power and is the way of creating bitcoins while the network remains sustained. Critics say it is wasteful while proponents say that the benefits are much bigger. Musk’s Tesla purchased $1.5 billion worth of BTC back in February and swayed most critics later when he announced that Tesla won’t accept bitcoin as payments any longer, citing environmental concerns:
“We are concerned about rapidly increasing use of fossil fuels for Bitcoin mining and transactions, especially coal, which has the worst emissions of any fuel.”
The move shook the market and the price of BTC dropped from $56,000 to $49,000 by that evening which is a drop of 12.5%. Bitcoin hasn’t traded above $50,000 since and now it is hovering around $35,000. Inviting Musk to join the council seems to have been a way of extending the olive branch between Saylor and Musk. Microstrategy is heavily invested in Bitcoin as it holds about $3.3 billion of the cryptocurrency on its balance sheet and announced more plans to buy half a billion more. In the meantime, Musk’s tweets move the BTC market up or down and he is aware.
— Elon Musk (@elonmusk) June 4, 2021
The Bitcoin mining council however in its current form could not do much to assuage Bitcoin’s critics as the group chastised as a centralized attempt to control the mining industry that will not impose energy standards for its members:
“ The BMC is not designed to have teeth or tell anyone what to do.”
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