Crypto supporters question Musk’s formation of Bitcoin mining committee: Tesla to enter mining?

An r/bitcoin article predicts that Tesla will soon announce a so-called Tesla Bitcoin mining operation.

Crypto supporters question Musk's formation of Bitcoin mining committee: Tesla to enter mining?

After Tesla CEO Elon Musk and Microstrategy CEO Michael Saylor revealed the news of the newly formed “Bitcoin Mining Council,” the matter immediately became a hot topic. While some cryptocurrency supporters endorsed the idea, others were skeptical of several billionaires holding closed-door meetings with North American bitcoin miners.

“‘Bitcoin Mining Committee’ Reminiscent of Infamous Hong Kong-New York Deal
Elon Musk announced on Twitter Monday that he has spoken with North American bitcoin miners who will release data on current and planned renewable energy use.

Following his announcement, Microstrategy CEO Michael Saylor said he hosted a meeting between Musk and “major North American bitcoin miners” and further revealed some of the participants who have joined the “Bitcoin Mining Council.”

According to Saylor’s tweet, mining companies such as Riot Blockchain, Core Scientific, Galaxy Digital, Hive Blockchain, Hut 8 Mining, Marathon, Argo Blockchain and Blockcap have joined the initiative . While the Bitcoin Mining Council drew the approval and of some cryptocurrency supporters, not everyone is on board.

Many crypto supporters see the closed-door meeting as shrouded in darkness and reminiscent of the infamous Hong Kong and New York agreements. The Twitter account @altcoindailyio responded to Saylor’s tweet by saying, “We call it the New York Protocol.”
The Twitter account @documentingbtc also commented under its tweet saying, “In the history of bitcoin, nothing good has usually come out of closed door meetings.”
The “Hong Kong Protocol” and “New York Protocol” are said to have emerged during a time when the bitcoin community was rife with controversy. The “Hong Kong Agreement” was reached on February 21, 2016, and was recorded as the “Bitcoin Roundtable Consensus.” In that specific agreement, the signatories agreed that the Bitcoin protocol would increase the block size to “2 MB, with a total size of no more than 4 MB.”

Many people signed the Hong Kong agreement, including people who later changed their position and wholeheartedly opposed any block size increase, such as Luke Dashjr, Matt Corallo, Peter Todd, Adam Back, and Samson Mow. and in addition to programmers, a large number of bitcoin miners agreed to the Hong Kong agreement’s promise. However, the Hong Kong agreement never materialized, and the controversy again divided the community and soon led to another infamous meeting, the “New York Agreement”.

The “New York Accord” was initiated by Digital Currency Group, Inc (DCG) and was equally controversial. The closed-door meeting took place during the Coindesk Consensus Conference in New York that year, hence the name “Bitcoin Scaling Protocol at the 2017 Consensus Conference.” Fifty-eight companies from 22 countries and a large number of industry participants occupying 83.28% of the computing power attended the meeting, and like the 2016 Hong Kong protocol, they called for activating SegWit (Segregated Witness) and increasing the block size to 2 MB. but ultimately the only part of the protocol that passed was the implementation of Segwit, and the proposal to grow the block size to 2 MB was scrapped.

Bitcoin Mining Commission is the Next Logical Step
Because these meetings with bitcoin miners have caused so much controversy within the cryptocurrency community, Seiler and Musk’s bitcoin mining committee has likewise been questioned.

Some Bitcoin users on the Reddit forum r/bitcoin do not seem to agree with the two billionaires interfering with miners and solving the “carbon neutrality” problem. One Reddit post called the Bitcoin Mining Council a “publicity stunt to solve environmental problems.” In another post, a reddit user said, “‘Dirty energy bitcoin’ is just a new way for Wall Street to undermine the dominance of the bitcoin market, because the ‘only criminals use bitcoin’ narrative is no longer valid.”

Conspiracy theories on r/bitcoin are everywhere in the first few pages of the forum. One r/bitcoin article predicted that Tesla would soon announce a so-called Tesla Bitcoin mining operation. And this claim was echoed by many.

Despite these conspiracy wheels, members of the Bitcoin Mining Council are looking forward to promoting the concept of an environmentally friendly bitcoin mining business. executives at Argo Blockchain (LSE: ARB) said the company discussed the situation with Musk and Seiler. After the meeting, Argo Blockchain’s CEO Peter Wall said, “Today is a good day for the planet.”

Wall said in a statement, “Sustainability has always been at the heart of Argo’s mining business, and the newly formed Bitcoin Mining Council is the next logical step in driving the industry’s shift to renewable energy.” “I am excited to discuss these issues with Elon Musk this weekend and look forward to working with Michael Saylor and other leading North American mining companies to ensure that the industry is future-proofed, and that the industry must work together to improve sustainable mining practices and take environmental, social and governance (ESG) issues.”

Posted by:CoinYuppie,Reprinted with attribution to:https://coinyuppie.com/crypto-supporters-question-musks-formation-of-bitcoin-mining-committee-tesla-to-enter-mining/
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