Ensuring Network Transparency and Encouraging Education: Bitcoin Mining Council Has Named the Main Principles of Its Work
On Thursday, June 10th, the Bitcoin Mining Council officially presented itself to the crypto community and the world. Council representatives described themselves as “a voluntary and open forum for Bitcoin miners committed to the network and its core principles.”
The Council intends to promote transparency, endorsement of best practices, and encourage education in the Bitcoin space. The organization is made up of a group of the energy-efficient North American Bitcoin mining companies. MicroStrategy CEO Michael Saylor was one of the founders of the Council.
As you know, the idea of creating a Bitcoin Mining Council was proposed by billionaire Elon Musk. But he refused to take on any role on the Council.
As the Council explained, the extent of Elon Musk’s involvement was that he joined an educational teleconference with a group of North American companies to discuss Bitcoin mining.
In addition to MicroStrategy, the founding members are bitcoin mining company Riot, investment management company Galaxy Digital, blockchain technology company Hive, and blockchain mining company Argo.
The founding members will cover any running costs and have invited every Bitcoin miner from anywhere in the world to join.
“We believe that the transparency of the use of energy for mining is important, and we agree to voluntarily share our energy balance and the size of the hash rate for research and educational purposes,” added the Council.
To analyse mining trends, build partnerships with industry researchers, collect data for educational purposes, and drive the growth of the North American mining industry, BMC intends to hold quarterly meetings.
The organization stressed that the Council is completely independent of the Bitcoin network itself and does not intend to violate its decentralization:
“We are not looking to change the decentralized nature of Bitcoin or its underlying principles, but rather are working to raise awareness about Bitcoin and Bitcoin mining.”