Bitcoin Mining Council kicks off, but “no role” for Elon Musk
- The Bitcoin Mining Council has entered its first council meeting, with Elon Musk not given any role.
- The main goal of the association is to discuss Bitcoin mining options with renewable energy.
- Chief Executive Officer of Microstrategy Michael Saylor contributed to set up the council.
The much anticipated Bitcoin Mining Council has debuted its first meeting on Thursday, with the council set to provide answers to the environmental issues caused by Bitcoin mining. However, what was not anticipated was the fact that Elon Musk, who many feels had a major influence in the debate, has no role assigned to him.
Chief Executive Officer of MicroStrategy Inc. Michael Saylor, commented about the council and added a praying hand emoji while inviting the crypto community.
Are you looking for fast-news, hot-tips and market analysis? Sign-up for the Invezz newsletter, today.
The Bitcoin Mining Council is a voluntary and open forum of Bitcoin miners committed to the network and its core principles.
Saylor contributed to set up the associated and it appears he will have a major role to play regarding how the group tackles the underlying problem of Bitcoin mining.
The association was formed after incessant complaints about the high use of bad energy to mine Bitcoin.
Council to discuss eco-friendly Bitcoin mining options
Microstrategy is one of the mainstream companies that have added a substantial amount of Bitcoin (BTC/USD) to their balance sheets. Tesla is another company, but it’s still not clear whether the firm still holds Bitcoin after suspending receiving payments in the cryptocurrency.
Tesla’s chief executive officer Elon Musk explained that the company decided to stop accepting Bitcoin because of the increased environmental concerns of mining the crypto asset.
Saylor has been working to set up a council to deal with the situation, although Musk has expressed support for the association.
The mass influx of Bitcoin miners to the U.S.
Crypto miners utilize a huge amount of computing energy and power to verify transactions on the blockchain.
According to Cambridge Bitcoin Electricity Consumption Index (CBECI), the annual electricity consumption of Bitcoin can be compared to the annual consumption rate of some countries.
After the recent ban of Bitcoin mining in China, where miners are dominated, the U.S. is seeing a high influx of Bitcoin miners. The availability of renewable energy in places like California and other states is now attracting more miners who are looking for ways to mine Bitcoin while preventing carbon emissions.