Bitcoin

Michael Saylor’s announcement of the Bitcoin Mining Council catches the ire of the crypto community

After a series of staggering blows that hit the cryptocurrency scene a few weeks back, it looks like the market can breathe a sigh of relief for now as top digital currencies are currently in the greens.

Elon Musk’s recent tweet about him talking to bitcoin (BTC) miners may have also caused the fears among traders to alleviate a bit.

In line with this, another strong believer of the digital gold – Michael Saylor, is also out to defend it against critics that cry foul about how the top dog crypto is mined.  

It gave birth to Bitcoin Mining Council

The MicroStrategy chairman and CEO have joined forces with Tesla’s Musk alongside eight North American bitcoin miners as they held some discussions about the energy usage in mining bitcoin. The recent talks have also led to forming a “loose organization”, The Bitcoin Mining Council.   

During Coindesk’s Consensus event, Saylor revealed that the newly formed collective aims.

To facilitate in shaping the narrative surrounding bitcoin’s usage of energy.

Further, the CEO said that “bitcoiners” like him have a good story to tell. Though he deemed it a complex story to tell, adding that there should be an avenue to tell it.  

The Crypto community is not happy about it

Such a move was not well received by the bitcoin community as they believe that the council’s formation could be just a façade to mask their true intention of doing some stealthy tweaks in the BTC ecosystem.

Marty Bent – the co-founder of Great American Mining, even wrote a blog about it as he detailed his concerns about the recent closed-door talks between Musk and those eight bitcoin miners.   

One of the concerns he pointed out is that the miners who had discussions with the Tesla CEO are somewhat compelled to pacify the billionaire.

This after Musk’s series of tweets in which Bent believes that such posts prove that the self-proclaimed dogefather doesn’t understand bitcoin and its proof-of-work consensus mechanic.

Two is that the attendees – according to Bent – went to meet Musk “without any sense of self-awareness.”

He highlighted the fact that a similar thing happened in 2017 (Bitcoin Scaling Agreement). A group of stakeholders attempted to influence how the cryptocurrency scaled.  

The first concern of Bent was pretty much in harmony with Magnetic’s Co-founder and Managing Director, William Quigley. He said in an interview with CNN Business that Musk knows “virtually nothing” about cryptocurrencies. Which he thinks is the worst part, according to him. He even advised people not to pay attention to his (Musk) tweets.  

One of the council members and CEO of Argo Blockchain, Peter Wall, begs to disagree. He said the group created for the sole purpose of addressing the environmental concerns in mining bitcoin. Saylor seconded this as he stated that if Musk plans on manipulating BTC through the said meeting. He could have just kept mum about the existence of the council. 

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Steve Anderrson

Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.

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