If you follow the crypto market you may have heard the term Bitcoin Mining Council floating around in the last 24 hours. But just what is it? And who created it? Unsurprisingly, it has something to do with Elon Musk—but what cryptocurrency news doesn’t these days?
Yesterday Musk tweeted that he had spoken “with North American bitcoin miners” and those miners had “committed to publish current and planned renewable usage” transparency reports.
Spoke with North American Bitcoin miners. They committed to publish current & planned renewable usage & to ask miners WW to do so. Potentially promising.
— Elon Musk (@elonmusk) May 24, 2021
The reports would apparently help address Musk’s (and other eco-conscious individuals’) concerns over bitcoin’s impact on the environment. Mining bitcoin uses up a ton of energy, which isn’t good for the planet.
Shortly after Musk’s tweet, MicroStrategy CEO Michael Saylor followed up with a tweet of his own, revealing that he hosted the meeting between Musk and the North American bitcoin miners, and all agreed to the formation of the Bitcoin Mining Council.
Yesterday I was pleased to host a meeting between @elonmusk & the leading Bitcoin miners in North America. The miners have agreed to form the Bitcoin Mining Council to promote energy usage transparency & accelerate sustainability initiatives worldwide. https://t.co/EHgLZ9zvDK
— Michael Saylor (@michael_saylor) May 24, 2021
Although the council has only just been announced, it’s already being compared to the bitcoin equivalent of Organization of the Petroleum Exporting Countries (OPEC). However, that comparison falls pretty flat as OPEC is an intergovernmental organization made up of sovereign states, while the Bitcoin Mining Council is a collection of private cryptocurrency miners that have no influence over financial or regulatory policies.
According to Saylor’s follow-p tweet, the Bitcoin Mining Council is made up of Argo, Blockcap, Core Scientific, Galaxy Digital Holdings, Hive, Hut 8 Mining, Marathon Digital Holdings, and Riot Blockchain. So, for now, it’s better to think of the Bitcoin Mining Council as less of an OPEC and more the crypto equivalent of the Council of Elrond.
Those in charge of the above miners have committed to pushing for more transparency and sustainable mining, but details on what that will actually include—and how often any energy transparency reports will be updated—remain to be seen.