Bitcoin Mining Council: Promotion, Cabal, Attack on BTC, or Pointless?

The decision was reached in the meeting between Bitcoin (BTC) miners, the chiefs of a few investment and tech companies, and some billionaires to form the Bitcoin Mining Council. And while some think of this as a good idea and a way to promote Bitcoin, others very much oppose it, calling it an attempt to control Bitcoin by agenda-driven regulator-pleasers.

Hours ago, the MicroStrategy head and crypto bull Michael Saylor notified the general public that in the meeting he hosted yesterday between Tesla‘s chief Elon Musk and certain miners in North America, “the miners have agreed to form the Bitcoin Mining Council to promote energy usage transparency & accelerate sustainability initiatives worldwide.”

According to Saylor, attending the meeting were the executives from Argo, Blockcap, Hut 8, Marathon Digital Holdings, Riot Blockchain, Core Scientific, Galaxy Digital, and Hive Blockchain Technologies.

These are now the founding members of an organization that, per Saylor, aims to standardize energy reporting, pursue industry environmental, social and corporate governance (ESG) goals, and educate and grow the marketplace.

Mining councils are not a matter to worry about, argued Blockstream Chief Strategy Officer Samson Mow – rather, the focus should be on finishing the upgrade to the Bitcoin mining stack called Stratum V2, and getting widespread adoption.

“If the Musks or Saylors of the world actually cared about energy use they would be loudly celebrating the Bitcoin mining industry due to the fact that it has the HIGHEST PENETRATION OF RENEWABLES AS AN ENERGY SOURCE OF ANY INDUSTRY ON THE PLANET,” said Bent, while investor Preston Pysh opined that Bitcoin is “the ultimate global ESG incentive structure as it exists.”

just setting up my twttr

— jack (@jack)

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Other reactions:

just setting up my twttr

— jack (@jack)

These two charts render this entire conversation moot. The conversation should never have even started. pic.twitter.com/NoUkYtwHcF

— Friar Hass (@FriarHass) May 25, 2021