The newly formed Bitcoin Mining Council (BMC) established what its working guidelines will be and how the organization will operate. The group debuted website in which it made clear that Tesla CEO Elon Musk does not serve any role in the partnership and that in the past he only participated in an educational call to talk about cryptocurrency mining.
The association will quarterly meetings to discuss trends in Bitcoin mining, define alliances with researchers in the sector, collect data and educate the community about what digital mining is about. The BMC explained that it does not seek to grab attention or centralize one of the main activities of the cryptocurrency industry.
“The BMC is just one part of the large Bitcoin community. We are a group of independent miners working to improve transparency in the mining industry and share best practices. We do not intend to change the decentralized nature of Bitcoin or its basic principles, but we work to raise awareness about Bitcoin and mining,” the group stressed.
Although the association was made up of large companies such as: Argo Blockchain, Blockcap, Core Scientific, Galaxy Digital, HIVE Blockchain, MicroStrategy, Marathon Digital Holdings, Riot Blockchain and Hut 8 Mining, the council explained that any company or volunteer miner can be part of the association.
Bitcoin “green” mining
One of the objectives that led to the formation of the council was to further encourage the use of renewable energy to mine the Bitcoin network. On this point the group encouraged its members to be transparent about the use of energy, share experiences, reveal the percentage of clean energy used and use of fossil fuels.
It is essential for the organization that members share data about their processing power, for research and education purposes. The miners also agreed that they will offer information on how to make Bitcoin mining more efficient, promote principles and encourage the growth of the sector.
“The BMC believes that Bitcoin’s energy use is a feature, not a bug, and provides enormous security to the network. By providing a voluntary disclosure forum, miners can decide to share their energy sources, hoping to promote transparency, ” the organization added.
The mining council held a first exploratory meeting in May in which Michael Saylor, CEO and founder of MicroStrategy, and Elon Musk participated. The creation of the group came after Musk announced that Tesla stopped accepting bitcoin as a form of payment for its vehicles claiming environmental concerns over the use of non-renewable energy in Bitcoin mining, a fact reviewed at the time by CriptoNoticias.