Bitcoin Mining Council official open and Elon Musk to have no formal role

Bob Coiney

June 11, 2021

Bitcoin Mining Council made its debut on June 10 and is backed by Micheal Saylor, an American entrepreneur with strong roots in the crypto space. This council will act as an open forum for Bitcoin miners, which couldn’t have come at a better time as miners face backlash for extensive energy use. 

The idea behind the council is to promote transparency, create a global community, deploy best practices and educate the masses about the benefits of Bitcoin. According to BMC’s website, this initiative is backed by nine companies, including Micro Strategy, BlockCap, Galaxy Digital, and Marathon. 

“The Bitcoin Mining Council is a voluntary and open forum of Bitcoin miners committed to the network and its core principles,” MicroStrategy Inc. CEO Michael Saylor, and one of the founders of the council, wrote on Twitter. “Join us.”

This council will help address the claims of several leaders that suggest that the carbon footprint of Bitcoin and other cryptocurrencies mining is extensive and needs to be controlled. Among the leaders, Elon Musk is one name that shines brighter than others because of his controversial tweets.

Musk’s Involvement

Musk tweeted a few weeks back about his plans to stop accepting Bitcoin for his EV company Tesla which sent Bitcoin tumbling down to one of the lowest prices seen in years. Apparently, this decision was made because of the environmental concerns of Bitcoin’s carbon footprint and will start accepting the currency once it transitions to a more sustainable method. 

However, much to the surprise of several experts, Musk tweeted that he had “potentially promising talks” ‘with North American miners on energy conservation, hinting at his involvement in the BMC. However, BMC categorically stated that Musk’s extent of involvement with the council was joining an “educational call”.

While the Bitcoin Mining Council is free to join for anyone that believes in the ideology of Bitcoin, Musk does not have any official position in the council. The founding members will cover the cost of onboarding and operating expenses for the first year. 

“Any excess funding will be given back to Bitcoin core development through established organizations,” The website mentioned.