After Tesla’s Elon Musk and Microstrategy CEO Micheal Saylor revealed the reveal of a newly created “Bitcoin Mining Council,” the news went viral. While some crypto devotees may like the idea, others were skeptical of a few billionaires who had meetings with North American bitcoin miners in camera.
The Bitcoin Mining Council recalls the infamous Hong Kong and New York agreements
On Monday, Elon Musk told his Twitter followers that he recently spoke to North American Bitcoin miners because he was “committed” to working towards the use of renewable energy sources.
According to Musk, Micheal Saylor, CEO of Microstrategy, said he hosted the meeting between Musk and “the leading bitcoin miners in North America.” Saylor also revealed some of the mining participants who have joined the Bitcoin Mining Council.
Hello, I’m new to Bitcoin
And I’m here to fix it
We went here and got the t-shirt guys. It probably won’t go the way you imagined it would.
– Danny Brewster (@BtcDanny) May 24, 2021
According to Saylor’s tweet, miners like Riot Blockchain, Core Scientific, Galaxy Digital, Hive Blockchain, Hut8, Marathon, Argo Blockchain and Blockcap have joined the initiative. Despite the optimistic opinion of some people about the Bitcoin Mining Council, not all were positive about this announcement.
For a large number of crypto advocates, the closed meeting was viewed as seedy, reminding them of the infamous Hong Kong and New York Accords. For example, the Twitter account @altcoindailyio responded to Saylor’s tweet saying:
We call it the New York Agreement.
“Doors-closed meetings usually don’t have good results in Bitcoin’s history”
The Twitter account @documentingbtc also responded to Saylor’s announcement, saying:
Closed meetings usually don’t have good results in Bitcoin’s history.
The Hong Kong and New York Accords are very controversial times within the community. The Hong Kong Agreement took place on February 21, 2016 and was entitled “Bitcoin Roundtable Consensus”. This specific agreement states that the signatories have agreed that the Bitcoin protocol will set the block size to “2MB, with the total size not exceeding 4MB”.
Many people signed the Hong Kong Accords, including people who later changed positions, and then decided to fight against increasing the block size. Signatures from people who have recently been whole-heartedly against any block size increase, including people like Luke Dashjr, Matt Corallo, Peter Todd, Adam Back, and Samson Mow.
In addition to a number of programmers, a large number of Bitcoin miners also agreed to the obligations of the Hong Kong Agreement. However, the Hong Kong Accords never came to fruition and soon led to another infamous meeting, the New York Accords.
The New York Agreement was initiated by the Digital Currency Group company and also became a controversial meeting. This meeting was dubbed the “Bitcoin Scaling Agreement at Consensus 2017” after it took place during this year’s Coindesk consensus conference in New York.
Again, an increase in the block size by 2MB was proposed and agreed by a large number of industry participants from 58 companies in 22 countries and 83.28% of the hashing power. The only part of the New York Agreement that made it was implementing Segregated Witness (Segwit), and the 2MB increase was suppressed.
Amid conspiracy theories, Argo Blockchain Executive Says: “Bitcoin Mining Council Is The Next Logical Step”
These previous meetings with miners have created a lot of controversy in the cryptocurrency community, which is why Saylor and Musk viewed the Bitcoin Mining Council with the same skepticism.
Some of the bitcoiners on the Reddit forum, r / bitcoin, don’t seem to appreciate the two billionaires who bother miners and deal with carbon neutrality. A Reddit contribution calls the Bitcoin Mining Council a “publicity stunt to address environmental problems”. In another post, a Redditor said:
“Dirty Energy Bitcoin” is just Wall Street’s new way of slowing Bitcoin’s dominance as “only criminals use Bitcoin” no longer works.
Tesla auto plants and charging stations should make their energy mix public
– Peter McObnoxious (@PeterMcCormack) May 24, 2021
The R / Bitcoin conspiracy theories are scattered across the forum’s first pages. An R / Bitcoin post predicts that Tesla will soon announce a so-called Tesla Bitcoin mining operation, and many people agreed with the theory.
Despite the conspiracies, the members of the Bitcoin Mining Council look forward to promoting the concept of environmentally friendly Bitcoin mining operations. Argo Blockchain (LSE: ARB) executives said the company discussed the situation with Musk and Saylor. After the meeting, Peter Wall, CEO of Argo Blockchain, said: “Today is a good day for the planet.”
“Sustainability has always been at the heart of Argos mining operations and the newly formed Bitcoin Mining Council is the next logical step in promoting a sectoral shift towards renewable energy,” Wall said in a statement posted on Bitcoin.com News. “I enjoyed speaking with Elon Musk about these topics this weekend and I look forward to working with Michael Saylor and other leading North American miners to future proof an industry that works together to improve sustainable mining practices and address concerns the ESG must take seriously. “
What do you think of the reactions to the Bitcoin Mining Council and the similarities between the meeting and the New York and Hong Kong Accords? Let us know what you think on this matter in the comments section below.
Photo credit: Shutterstock, Pixabay, Wiki Commons, Hong Kong Agreement, Twitter,
Disclaimer of liability: This article is for informational purposes only. It is not a direct offer or an invitation to submit an offer to buy or sell, or a recommendation or approval of products, services or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author are directly or indirectly responsible for any damage or loss caused or allegedly caused by or in connection with the use or reliance on any content, goods or services mentioned in this article.