MicroStrategy CEO: Bitcoin Mining Council Needs to Fight ‘Hostile’ Claims

Michael Saylor provides more background on the Mining Council and its desire to combat anti-cryptocurrency claims by increasing transparency in bitcoin mining.

MicroStrategy CEO: Bitcoin Mining Council Needs to Fight 'Hostile' Claims

By BRIAN QUARMBY

Michael Saylor, CEO of MicroStrategy, explains the details and ideas behind the formation of the Bitcoin Mining Council.

The Bitcoin Mining Council was officially formed on May 25 after Saylor brokered a successful meeting between Elon Musk and several of the top North American bitcoin mining companies. Participating mining companies will provide transparency on current and planned use of renewable resources and will lobby other miners around the world to do the same.

Michael Saylor describes the formation of the Bitcoin Mining Council and Elon Musk’s shared interest in seeing Bitcoin succeed. – Documenting Bitcoin (@DocumentingBTC) May 25, 2021

At the 2021 Consensus Conference, Saylor emphasized that the committee was formed out of a need to provide greater transparency to the bitcoin mining industry and to drive sustainability initiatives forward.

Saylor said, “The only reason we’re convening is because we want to ensure the success of a decentralized cryptocurrency, and fundamental to decentralization is the use of energy.”

As it turns out, bitcoin miners don’t actually have a good forum to communicate how they generate energy. We don’t have a standard model for Bitcoin energy use right now, and we don’t have a commonly used model for predicting the future.

However, the Bitcoin Mining Council has proven to be controversial in some ways compared to OPEC. Broadcaster Marty Bent is the co-founder of Great American Mining, which uses waste gas from energy plants to power its bitcoin mining operations. In his May 24 newsletter, he compared it to the controversial bitcoin expansion plan that emerged from the 2017 New York agreement.

Don’t they remember the last time there was a closed-door meeting involving stakeholders trying to speak on behalf of the entire industry?

But Saylor was quick to refute claims that the meeting was in any way secret or opaque. If it was a secret meeting, I wouldn’t be telling millions of people the next day that it was a secret meeting,” he said. Believe me, you know, we told everybody in the world that we had a meeting.”

He stressed the need to push back against the hostile anti-cryptocurrency narrative portrayed by some institutions and the media.

We need to make sure that those who are hostile to Bitcoin and the cryptocurrency industry don’t define those claims, don’t define those models and metrics. In the absence of any good information or any response from us, they will define these models.

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

Elon Musk’s involvement
Saylor revealed that after a “long conversation” with Elon Musk, the MicroStrategy CEO reached out to bitcoin mining companies to ask if they would like to meet the entrepreneur. During the “constructive” meeting, other attendees reportedly asked Musk for advice on how to combat the growing carbon anxiety surrounding bitcoin.

We asked Elon for advice on how we could actually deal with the mainstream concerns. We had a detailed conversation about that. We discussed how we could get better data.

Musk’s “number one question” was reportedly, “Can we come up with a way to publish or create transparency about the energy use of bitcoin mining?” Saylor echoed this sentiment, saying.

I think the first step is, let’s develop a protocol that allows us to publish energy information in a way that we can share with the world, and then work together to make sure we’re pursuing sustainable energy goals.

Posted by:CoinYuppie,Reprinted with attribution to:https://coinyuppie.com/microstrategy-ceo-bitcoin-mining-council-needs-to-fight-hostile-claims/
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