Michael Saylor explains in a virtual meeting what the Bitcoin Mining Council (BMC) is really about.
The Bitcoin Mining Council (BMC), a kind of independent association of mining companies, continues to provide information on its own behalf. Apparently one does not agree with the reporting on the goals of the association. The first meeting of the BMC took place on Wednesday on Twitter Spaces, where the common mission was presented to the audience.
After the founding of the Bitcoin Mining Council became known, there were initially rumors about Elon Musk’s influence. The extravagant Tesla CEO finally announced loudly that his company would no longer accept Bitcoin as a means of payment due to its poor energy balance. In fact, it was MicroStrategy CEO Michael Saylor who initiated a meeting of North American Bitcoin miners to promote renewable energies and transparency. The BMC’s homepage takes up the question of how big the influence Musk is:
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The extent of his involvement was to send out a call to North American companies to discuss Bitcoin mining.
Bitcoin Mining Council is still in its infancy
The BMC does not see itself as an advocate of a strict set of rules. In the conversation on Twitter, it was also about “being one step ahead of the media”, as Saylor put it. During the approximately hour and a half debate, the members of the group presented their views on topics such as flare mining. The current problematic situation in China and the failed attempt to impose a mining moratorium in New York were also discussed.
But why, according to Saylor, is public opinion so important to the Bitcoin Mining Council? His fear is that the mass media will set the world for narratives around mining that could influence political developments. Depending on the legal situation, this would unnecessarily increase the entry barriers for interested companies. Because the BMC is still in its infancy. The group is currently focused on recruiting members and figuring out what to do as an association. So far there is neither a fixed budget nor concrete plans how to use it. However, the idea is to build a model of the Bitcoin mining network over time to give others insight into the energy usage and mix of resources. Saylor said it was the job of the Bitcoin Mining Council to create “a common, collaborative and informative space [zu schaffen]where people can learn the benefits of mining bitcoin. “