The World Needs Bitcoin Mining Council – MicroStrategy’s CEO
MicroStrategy’s CEO Michael Sailor said that right after a successful meeting with Elon Musk and several leading North American cryptocurrency mining companies, the Bitcoin Mining Council was formed on May 25.
As Sailor explained, the miners have pledged to ensure current and planned transparency in the use of renewable energy sources. In addition, they are going to strongly support and promote other mining operations around the world.
During the virtual conference Consensus 2021, the CEO of MicroStrategy stated that the council was formed in order to provide more transparency in the Bitcoin mining industry.
He also added that the only reason for this meeting was the desire to ensure the process of mining cryptocurrency from excessive energy consumption.
However, podcaster and co-founder of Great American Mining, which uses waste gas from power plants to support its Bitcoin mining operations, Marty Bent likened the meeting and the creation of the Council to the OPEC oil cartel.
Bent was sceptical and stated that there was not much good to be expected from the secret meeting of industry stakeholders.
But Sailor denied speculation about the secrecy of the meeting or its results, saying that he would not have reported it online to millions of subscribers, and stressed that it is very important to counter the hostility towards the cryptocurrency industry that is spreading in the media.
The MicroStrategy’s CEO revealed that the council is made up of North American miners including Blockcap, Hive Blockchain, Marathon Digital, Argos Blockchain, Hut 8 Mining, Galaxy Digital, and Riot Blockchain.
He said that after “a very long conversation” with Elon Musk he turned to companies that are mining bitcoins. Sailor asked if the representatives of these companies would like to meet the founder of SpaceX.
During the “constructive” meeting, the other attendees asked Musk for advice on how to deal with the growing concern about carbon emissions from cryptocurrency mining, according to the CEO of MicroStrategy.
Musk replied that the paramount question is whether they can come up with a way to make the information public or make the process of using energy in the production of cryptocurrencies completely transparent.
Sailor echoed his opinion, saying that the first step is to create a protocol for the meeting participants, through which they can share information on energy consumption with the world and continue to work in pursuit of common goals in the field of sustainable energy.