The long-awaited Bitcoin Mining Council debuted its first meeting on Thursday, and the council is ready to provide answers to the environmental problems caused by Bitcoin mining. However, what was not anticipated was the fact that Elon Musk, who many feel was a major influence on the debate, does not have an assigned role.
MicroStrategy Inc. CEO Michael Saylor commented on the tip, adding a praying hand emoji while inviting the crypto community.
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
Looking for quick news, tips, and market analysis? Sign up for the Invezz newsletter today.
The Bitcoin Mining Council is an open and voluntary forum of Bitcoin miners committed to the network and its fundamental principles.
Saylor helped set up the associate and it looks like he will have an important role to play in how the group tackles the underlying problem of Bitcoin mining.
The association was formed after incessant complaints about the high use of bad energy to mine Bitcoin.
Tip for Discussing Green Bitcoin Mining Options
Microstrategy is one of the leading companies that has added a substantial amount of Bitcoin (BTC / USD) to their balance sheets. Tesla is another company, but it is still unclear if the company still has Bitcoin after suspending receiving payments in the cryptocurrency.
Tesla CEO Elon Musk explained that the company decided to stop accepting Bitcoin due to increased environmental concerns from mining that crypto asset.
Saylor has been working to establish a council to deal with the situation, although Musk has expressed support for the association.
The massive influx of Bitcoin miners to the US
Crypto miners use a great deal of energy and computing power to verify transactions on the blockchain.
According to the Cambridge Bitcoin Electricity Consumption Index (CBECI), the annual electricity consumption of Bitcoin can be compared with the annual consumption rate of some countries.
After the recent ban on Bitcoin mining in China, where miners are dominated, the US is experiencing a large influx of Bitcoin miners. The availability of renewable energy in places like California and other states is now attracting more miners looking for ways to mine Bitcoin while avoiding carbon emissions.
Invest in cryptocurrencies, stocks, ETFs, and more, in minutes with our preferred broker, eToro
67% of retail CFD accounts lose money