The Bitcoin Mining Council has publicized its aim to tackle negative media narratives.
In its inaugural meeting which was hosted on Twitter Spaces, the council discussed bad press that has been surrounding Bitcoin and its mining in the past weeks. The China crackdown has led to the shut down of a number of mining farms. Mining has been restricted in regions like Inner Mongolia and miners are having to look for new places to set up operations in the meantime.
Concerns over energy consumption and pollution from mining activities have been rocking the space for a while. People have called for there to be more options for green and efficient Bitcoin mining. Movement from fossil fuel energy to more sustainable energy like hydropower for mining activities have been strongly encouraged.
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In light of these issues, Michael Saylor, CEO of MicroStrategy, formed the council with other prominent members in the space.
Bitcoin Mining Council Mandate
Saylor had created the council in response to ongoing debates about Tesla accepting Bitcoin payments. The debates were mostly about if Tesla had examined the energy expenditures involved with Bitcoin mining before making such a move.
With prominent founders such as Galaxy, Riot, MicroStrategy, and a host of others, a lot of attention was on the first BMC meeting to see what the outcome would be.
The council which was announced about a month ago held its first official meeting on Twitter yesterday. The meeting was open to the public and anyone could join in. With over 7,000 listeners in attendance, the council went on to outline the council’s objectives.
Bitcoin price chart | Source: BTCUSD on TradingView.com
The Bitcoin Mining Council (BMC) stated that its purpose is not to be a regulating body of any kind. They are not here to tell anybody what to do. It is to be a forum that is open to all miners. There is no fee required to join. The members just have to agree to be transparent about their energy mix and hash rate sizes for research and educational purposes.
Its mandate is to promote transparency, share best practices, and educate the public on the benefits of Bitcoin and Bitcoin mining, according to the website.
Curbing Negative Media Narratives
Talking about the negative press that has been surrounding mining, the members focused on getting ahead of the media.
There were also issues regarding whether public companies involvement would be good or bad for mining. Not wanting smaller operations to get swallowed up by bigger ones and discouraging people from getting into it.
CEO Michael Saylor was less concerned about board members or activists pressures. Highlighting that he was more worried about negative media narratives around Bitcoin mining might influence political decisions. This, he believes, would create real barriers to entry in some jurisdictions
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Saylor is quoted saying, “You could be a maximalist and say I’m against organization as a matter of philosophy, but if you get sued by a multibillionaire that wants to sue an individual Bitcoin developer and you get buried in $10 million in legal fees, you’ll be wishing that there was an organized legal defense fund for you. Basically, we can’t expect to succeed if we’re disorganized.”
This raised major points as to why the council is needed. It could act a form of protection for smaller miners. Having basically a coalition behind them should any issues arise that they are too small to handle or ill-prepared for.
According to Saylor, the BMC is not here to fix Bitcoin. It’s simply here to protect it from the people who misunderstand it. The BMC wants to help keep the negative narratives from influencing political decisions against Bitcoin.
Featured image from Bitcoin Mining Council, chart from TradingView.com