The Bitcoin Mining Council (BMC) made its official debut on Thursday. They gathered as the debate over the amount of energy used by cryptocurrencies became increasingly intense.
The Bitcoin Mining Council describes itself as a volunteer and open forum for Bitcoin miners dedicated to the network and its core principles.
According to its official website, its mission is to increase transparency, recognize good practices and promote Bitcoin education.
MicroStrategy CEO Michael Saylor was one of the founding members who posted the call on his Twitter on June 10.
Tesla CEO Elon Musk used environmental issues to stop accepting Bitcoin as payment for the company’s cars. That became the reason why Seiler tried to calm his concerns about energy use. Instead, he has acquired Bitcoin as the enterprise software manufacturer. Musk later expressed support for the organization.
In addition to MicroStrategy, the founding members include investment management company Galaxy Digital, blockchain mining company Argo, blockchain technology company Hive, and Bitcoin mining company Riot. The founding members assume operating costs and invite Bitcoin miners from all over the world to join.
BMC will organize meetings every quarter to analyze mining trends
Bitcoin Mining Council plans to collaborate with industry researchers. Also, it intends to collect data for educational purposes and promote the BTC mining industry growth in North America.
The organization confirmed that it is entirely independent of the Bitcoin network itself. It has no intention of undermining its decentralization.
Crypto miners use a massive amount of computing power and energy to verify transactions on the blockchain. In fact, according to an analysis by the Bank of America, their energy use is comparable to many developed countries. It is also equivalent to primary fossil fuel users and producers (airlines and oil service companies). However, not everyone agrees.
The committee believes that Bitcoin’s energy use is a feature, not a loophole, and provides tremendous cybersecurity. After Elon Musk commented on its environmental impact, the energy consumption of global mining operations has recently become the focus of attention.
The Cambridge Bitcoin Electricity Consumption Index estimates that Bitcoin’s annual electricity consumption is currently between the Netherlands and the UAE.
More and more companies are attracted by this abundant renewable energy and start a business in the United States. In fact, we have the latest collaboration between Luxor’s mining software company, the institutional Bitcoin technology, and financial services company NYDIG. The partnership aims to promote the growth of a rapidly evolving industry.