A few weeks ago, a meeting took place between Tesla CEO Elon Musk and several bitcoin miners from North America. Under the leadership of MicroStrategy CEO Michael Saylor, plans were then drawn up for the creation of the Bitcoin Mining Council (BMC). The initiative will officially debut on June 10:
“The Bitcoin Mining Council is a voluntary and open forum of Bitcoin miners committed to the network and its core principles. We promote transparency, share best practices and educate the public about the benefits of Bitcoin (BTC) and Bitcoin mining.”
All bitcoin miners are invited to join the group as long as they “believe that transparency about mining energy consumption is important and agree to voluntarily share their energy mix and hash rate for research and educational purposes.”
The BMC plans to meet quarterly to discuss the latest mining trends and share data. The initiative received a lot of criticism from the community, which is why the BMC emphasizes that they are “not trying to change the decentralized nature of Bitcoin or its core principles, but rather work to raise awareness about Bitcoin and Bitcoin mining.”
Musk’s involvement has also been heavily criticized, as he is responsible for the recent upsurge in the fear, uncertainty & doubt (FUD) surrounding Bitcoin. Therefore, BMC emphasizes that Musk has no role in the initiative:
“Elon Musk has no role at the BMC. The extent of his involvement was participating in an educational call with a group of North American companies to discuss Bitcoin mining.”
Although the initiative has received a lot of praise, it also receives just as much criticism from the community. People don’t seem to be eager for a centralized entity to play the role of supervisor. It does not fit their alley what crypto is about.