Elon Musk’s Bitcoin Mining Council has been widely criticized, Michael Saylor defends the BTC initiative

Yesterday, Stackatoshi.com reported that Tesla CEO Elon Musk and MicroStrategy CEO Michael Saylor met with several major North American bitcoin mining companies. The group formed the Bitcoin Mining Council with the aim of providing transparency about the amount of green energy used in bitcoin mining.

This initiative has received a lot of criticism from the community. In particular, there is a lot of concern about centralization. A small group that sets the rules behind closed doors about a decentralized industry is counterproductive to many people. It has been compared to cartels and the oil industry (OPEC).

Marty Bent, co-founder of Great American Mining, hit hard at the organization, among other things. He is concerned that this group of people feels compelled to get Musk’s approval, especially after all the tweets that showed that he does not understand Bitcoin (BTC) and Proof-of-Work (PoW), but is collapsing the price. .

"Inflating one of the world's greatest egos by making him believe he has the ability to dictate how an industry built around an open-source distributed system should act."

Bent also compares the situation with the “New York Agreement” of 2017. Then a group behind closed doors tried to make a change to the bitcoin network by doubling the block size. That plan ultimately fell through.


Saylor defended the initiative yesterday at Consensus 2021, a Coindesk virtual conference. He says the only reason for the meeting was to ensure the cryptocurrency’s success. He says bitcoin miners currently don’t have a proper forum to communicate how they generate energy, there are no standard models of energy consumption, and there was nothing secret about the meeting behind closed doors:

“If it was a secret meeting, I wouldn't have told millions of people the next day that it was a secret meeting. Believe me, you know, we told everyone in the world that we had a meeting. ”

Saylor says it’s important for the industry to fight back, otherwise the opponents will determine the story about bitcoin and energy consumption:

 “We need to make sure that the people who are hostile to Bitcoin and hostile to the crypto industry do not define the stories and do not define the models and the statistics. In the absence of good information or a response from our side, they will. ”

The Bitcoin Mining Council is made up of North American miners, including Argos Blockchain, Blockcap, Galaxy Digital, Hive Blockchain, Hut 8 Mining, Marathon Digital, and Riot Blockchain.

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