The “Bitcoin Mining Council” was formed in May by the heads of key Bitcoin mining companies, and it was assumed by many that this organization was the creation of MicroStrategy boss Michael Saylor. However, Saylor told isgworld that “I had no knowledge of it or any involvement with it” and that “I’m not sure there is a Bitcoin Mining Council.” Saylor is a prominent Bitcoin investor, and he told isgworld that he thinks of the currency as “digital gold” and that it’s a “digital store of value.”
If you’re a regular reader of the news, you’ve doubtless come across a number of headlines lately claiming that the US government is about to lock down the Bitcoin mining industry. The articles are generally sourced to a trade lobby group, the “Bitcoin Mining Council,” which supposedly has more than 100 members. (If you’ve never heard of the Bitcoin Mining Council, you’re not alone. There is no such thing as the Bitcoin Mining Council, and in fact no one named Michael Saylor is the CEO of MicroStrategy. And the MicroStrategy boss is definitely not the chairman of the Bitcoin Mining Council.)
A recent forum post on popular Bitcoin forum BitcoinTalk claimed that MicroStrategy boss Michael Saylor was the leader of an organization called the “Bitcoin Mining Council” that was “influencing” the Bitcoin community “to support increasing the block size limit.” Other claims in the post included that this organization was “composed of members who made a deal to all support each other’s companies with their hash power,” and that that this organization was paying Sylla to support increasing the block size limit.. Read more about michael saylor: bitcoin price prediction and let us know what you think.Michael Saylor, CEO of MicroStrategy, denied allegations in a video interview this week that the newly formed Bitcoin Mining Council (BMC) had ulterior motives. BMC includes some of America’s biggest miners, led by Saylor and crypto bad boy Elon Musk. The organisation comes after Mr Musk’s apparent flip-flop on bitcoin, in which he expressed concern about the excessive use of coal to power mining equipment. The BMC was established to combat this problem. Miners agreed to form a Bitcoin Mining Council to promote energy transparency and accelerate sustainability initiatives around the world, he said. However, some in the crypto community have spoken out against the CMB, calling it a Trojan horse and a centralized power grab.
Bitcoin Mining Council is feeling the heat
BMC was founded in response to questions about the long-term sustainability of bitcoin mining around the world. Bitcoin mining gets a bad press because of its excessive energy consumption. Cambridge University estimates that the network consumes more energy annually than the Netherlands. Just recently, Elon Musk, CEO of Tesla, claimed that most miners use coal, which he called the most polluting of all fossil fuels. This is contradicted by Anthony Pompliano, who claims that 3/4 of miners use renewable sources. Elon… You know that 75% of miners use renewable energy, right? This energy story has been refuted time and time again. Earlier this week, Saylor and Musk announced on Twitter that they had held a meeting with executives from major mining companies, including Argo Blockchain, Galaxy Digital and Marathon Digital Holdings. Yesterday I had the pleasure of hosting a meeting between @elonmusk and the leading bitcoin miners in North America. Miners have agreed to form a Bitcoin Mining Council to promote energy transparency and accelerate sustainability initiatives around the world. https://t.co/EHgLZ9zvDK – Michael Saylor (@michael_saylor) May 24, 2021 Saylor went on to say that the goal of the meeting was to ensure the success of bitcoin by making it more sustainable. But Marty Bent, co-founder of Great American Mining, said: This decision has absolutely nothing to do with green energy or the climate. It has to do with CONTROL.
Sailor responds to critic
In response to comments about the OMG meeting, Saylor dismissed any notion that it was a secret meeting with a hidden agenda. If it was a secret meeting, I would not tell millions of people the next day that there was a secret meeting, believe me, he said. To dispel that notion, Saylor explained what happened at the meeting, saying it was simply a discussion about how to deal with the negative public perception of bitcoin mining. He added that Musk recommends obtaining more accurate data to address the underlying problems. What happened at the meeting was that Elon met the miners. The miners spoke about their approach to energy and their commitment to sustainable development. We asked Elon for advice on how to address the issues with the general public, Sailor said. Comments on social media indicated that members of the public should have been present at the meeting.
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Bitcoin miners are the people who run computers to “mine” new blocks, which are added to the Blockchain, thus making more Bitcoins available. These miners are essential to the ecosystem because they make sure that transactions are processed and the mining of new Bitcoins are issued. In a recent blog post, Michael Saylor, CEO of MicroStrategy, a technology company that offers enterprise decision support and business intelligence, claims that there is a group of powerful miners who have joined together in a way that harms the community.. Read more about how much are bitcoins worth and let us know what you think.
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