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MicroStrategy CEO, Michael Saylor while addressing the Bitcoin Mining Council (BMC) meeting shared that negative headlines have turned the prices of the coin down and that BMC is formed to educate people about everything on bitcoin and mining.
At a meeting of the new Bitcoin Mining Council, MicroStrategy CEO Michael Saylor shared that negative headlines about mining are creating a problem and not the bitcoiners. The event was held at the Twitter space which was attended by more than 7,000 listeners.
During the meeting, there were further discussions and concrete steps taken. The meeting was overwhelming as it became another way for bitcoin industry representatives to share their grievances about the claims that bitcoin mining is bad for the environment.
Negative sentiments impact bitcoin
Perianne Boring, President of the Chamber of Digital Commerce, shared his opinion during the event and believed that one thing that fuels public policy is the negative headlines doing the rounds in the media and the narrative that the media has developed. Headlines drive conversations in Washington as well as in the states in public policy circles.
He further shared that when the negative reporting in the bitcoin mining started in the media, there was an alarm towards the end of 2020. A lot of this news is not honest but with the increasing number of stories and headlines, misinformation, false narratives, there will be a reaction to that from a policy perspective.
While addressing the attendees, Saylor shared that the responsibility of the bitcoin mining council is to share cooperative and informative space where people can learn the benefits of Bitcoin mining. He further said that without any informative space and just reading the news headlines has prompted the politicians to move against cryptocurrency.
Bitcoin mining council formation
The Bitcoin mining council was launched formally on 10 June 2021. The council is led by Michael Saylor. It is formed to bring to the industry leaders to tackle concerns around the digital asset’s environmental impact. There are almost lots of industry stalwarts associated with the council except Elon Musk.
It is a voluntary and open forum for bitcoin miners. The council conducted one of its most important meetings in May, where a discussion and ways were discussed around bitcoin mining. As per the research by Cambridge University, bitcoin mining consumes as much electricity every year as in countries like Swed.
All the members of the council have promised to share the amount of energy consumed in bitcoin mining. The BMC membership is open to any bitcoin miner who agrees to share the energy consumed in mining. This is necessary to check, research and develop best practices.
Saylor has been on a roller coaster ride and has promised to change the perception of bitcoin mining among the people. He has tweeted that through this council, transparency, best practices and education on bitcoin mining and bitcoin will be imparted to the public. Saylor has been on a mission to throw away the criticism of the huge amount of energy used in generating bitcoin. He took this step after Elon Musk said that Tesla had stopped accepting payments in Bitcoin as it causes environmental issues.
No role for Musk
Musk has shown interest in participating in BMC but the council said that he will not participate further and will have no role in BMC. Elon Musk has not been a part of the council and confirms that he is not anymore a favourite of the crypto community. Thanks to his tweets where he rather than promoting the virtual currency is opposing it and he is being very manipulative.
His memes for Dogecoin became a hit and people started investing in the meme currency. But it was only for a short period as the blockchain has no inherent value. It was gaining traction because of the support by Musk.
Musk is very popular among the crypto community because he backs PayPal, Tesla, SpaceX, The Boring Company, Open AI and Neuralink. He is so popular that whenever he says anything about cryptocurrency, people make their investments accordingly.
To top it all, Musk had earlier announced Tesla not accepting bitcoin payments which prompted the virtual currency to further dip. He justified there by saying that Bitcoin consumes a lot of energy and thus causes environmental hazards. Tesla being a green company cannot support it.
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.
