From El-on to El-off: Musk will have ‘no role’ in Bitcoin Mining Council
The Bitcoin Mining Council (BMC) is a newly established group of energy-conscious North American Bitcoin mining companies, committed to efficient mining practices. Hints of the forum were first made by Elon Musk in a tweet he put out in May, labeling it as “potentially promising.” But while many expected the billionaire to be a key part of the BMC, its debut took place without him.
It’s not known why exactly Musk won’t be joining in any official capacity. According to its founder, Michael Saylor, “The Bitcoin Mining Council is a voluntary and open forum of Bitcoin miners committed to the network and its core principles. We promote transparency, share best practices, and educate the public on the benefits of #Bitcoin and Bitcoin mining.”
The Bitcoin Mining Council is a voluntary and open forum of Bitcoin miners committed to the network and its core principles. We promote transparency, share best practices, and educate the public on the benefits of #Bitcoin and Bitcoin mining. Join us. ?https://t.co/vGPGD3TA5p
— Michael Saylor (@michael_saylor) June 10, 2021
The forum has been scolded as an attempt to centralise control over the mining industry, with suggestions that the group plans on imposing energy standards on its members. But the BMC dismiss this and say they’re “not designed to have ‘teeth’ or tell anyone what to do,” but rather encourage members to share their “energy mix” and power consumption for data and educational purposes.
This data could prove especially useful for Musk, as his company Tesla has revised its bitcoin policy. Earlier in May, the electric car company announced it would no longer be accepting bitcoin as payment, citing concerns over the digital currency’s energy-intensive mining process. Yet, Musk shined a light on the way forward in a recent tweet, saying “when there’s confirmation of reasonable (~50%) clean energy usage by miners with positive future trend, Tesla will resume allowing Bitcoin transactions.”