The Bitcoin Mining Council has published its goal of combating negative media narratives.
In its opening session hosted on Twitter Spaces, the council discussed the bad press surrounding Bitcoin and its mining over the past few weeks. The action in China has resulted in the closure of a number of mining operations. In regions like Inner Mongolia, mining has been restricted and miners have meanwhile been forced to look for new locations to set up their operations.
Concerns about energy consumption and pollution from mining activities have been rocking the space for some time. People have been demanding that there are more options for green and efficient bitcoin mining. The transition from fossil fuels to more sustainable energy such as hydropower for mining activities has been heavily promoted.
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Faced with these issues, MicroStrategy CEO Michael Saylor formed the council with other prominent members of the industry.
Bitcoin Mining Council mandate
Saylor founded the council in response to the ongoing debates over whether Tesla would accept bitcoin payments. The debates centered largely on whether Tesla had studied the energy expenditure associated with Bitcoin mining before taking such a step.
With prominent founders such as Galaxy, Riot, MicroStrategy and many others, a lot of attention was paid to the result at the first BMC meeting.
The council, announced about a month ago, held its first official meeting on Twitter yesterday. The meeting was public and anyone could take part. With an audience of over 7,000 in attendance, the council outlined the council’s goals.
Bitcoin price chart | Source: BTCUSD on TradingView.com
The Bitcoin Mining Council (BMC) stated that its purpose is not to be a regulator of any kind. You are not here to tell anyone what to do. It should be a forum open to all miners. No fee is required to participate. Members just have to agree to make their energy mix and hash rates transparent for research and educational purposes.
Its mission is to promote transparency, share best practices, and educate the public about the benefits of bitcoin and bitcoin mining, according to the website.
Contain negative media narratives
Regarding the negative press surrounding mining, members focused on staying one step ahead of the media.
There were also questions about whether public company involvement would be good or bad for mining. I don’t want smaller operations to be swallowed up by larger ones and people to be prevented from getting involved.
CEO Michael Saylor was less concerned about pressure from board members or activists. Highlighting that he was more concerned about negative media narratives surrounding Bitcoin mining could influence political decisions. In his view, this would create real barriers to entry in some jurisdictions
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Saylor is quoted as saying, “You could be a maximalist and say I am against organization on a philosophical basis, but if you are sued by a multibillionaire who wants to sue a single Bitcoin developer, you will be in $ 10 million.” Burying legal fees, you will wish there was an organized legal protection fund for you. In principle, we cannot expect success if we are disorganized. “
This raised important issues as to why the advice is needed. It could be some form of protection for smaller miners. Basically having a coalition behind you in case problems arise for which they are too small to handle or for which they are ill-prepared.
According to Saylor, the BMC is not here to fix Bitcoin. It’s just here to protect it from the people who get it wrong. The BMC wants to help ensure that the negative narratives do not influence political decisions against Bitcoin.
Featured image from Bitcoin Mining Council, chart from TradingView.com