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- A meeting between Elon Musk and eight crypto mining companies has led to the formation of the Bitcoin Mining Council
- It plans to set up protocols to publish reports stating energy consumption numbers and future targets
- The council does not plan to regulate the supply of cryptocurrency in any way as its decentralised flavour is loved by all
The formation of the Bitcoin Mining Council on Sunday does not plan to control the digital currency in any way. But the consortium set up to publish reports regarding the energy consumption of crypto mining companies in general.
The CEO of MicroStrategy, Michael Saylor, acted as an intermediary between Tesla CEO, Elon Musk and eight North American mining companies.
They reached an agreement to publish reports that would state their current energy consumption and emission policies and future trends to adopt renewable sources of energy.
The council believes reporting is of prime importance
It was in early March that Elon had purchased $1.5 million Bitcoin via his company Tesla. However, last week, his company announced that they would not accept payments in Bitcoin or any other cryptocurrency. The reason stated was that crypto mining is leading to energy emissions that are harmful to the environment. The emissions are in stark contrast to Tesla’s moat i.e., to use renewable energy and make the world a better place to live in.
Furthermore, Musk wants the mining companies to disseminate information under protocols. About their energy consumption patterns and their yearly demand structure. It will help investors to have an insight into what the company actually uses to mine Bitcoin. Hence, reports and future trends are of prime importance currently for everyone as part of the cryptocurrency ecosystem.
Not trying to gain control over Bitcoin
Some experts believe that the behind-the-door meeting held between Musk and a handful of mining companies is to try and control the supply of Bitcoin.
Many are aware of the nature of the business conducted by the council. There are questions raised about the council’s legitimacy.
The eight mining companies present in the meeting account for 10% of the mining hashrate. They are representative of all the mining companies present in the world. Hence their approval and goals and objectives is of prime importance. The mining council’s meeting has pushed up the prices of Bitcoin and other cryptocurrencies around the world.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
