What Exactly Did Two Wall Street Moguls Saylor and Musk Say at the Bitcoin Mining Council?

Some in the Bitcoin community interpreted it as a savvy PR move and supported the Bitcoin Mining Council. Others, sensing a whiff of centralized institutions, were skeptical of the closed-door meeting and rejected it. But how much do we really know about this meeting? Not much really, so let’s explore the event further.

What Exactly Did Two Wall Street Moguls Saylor and Musk Say at the Bitcoin Mining Council?

The jury is still out on whether the recent meeting between the two mega-billionaires and “major North American bitcoin miners” was positive or negative.

Some in the bitcoin community are interpreting it as a savvy PR move and are supporting the Bitcoin Mining Council. Others, sensing a whiff of centralized institutions, were skeptical of the closed-door meeting and rejected it. But how much do we really know about this meeting? Not much really, so let’s explore the event further.

It all started with these double tweets.

Michael Saylor tweeted on May 24, stating, “Yesterday I had the pleasure of hosting a meeting between Musk and the major North American bitcoin miners. The miners have agreed to form a Bitcoin Mining Council to increase transparency in energy use and accelerate sustainability initiatives globally. “

Of course, Bitcoinist is also following this and quickly posted information about the committee. The meeting involved MicroStrategy’s Saylor, Tesla’s Musk and executives from major North American bitcoin miners, including Argo BlockChain, Blocktop, Core Science, Galaxy Digital and Hive Blockch .

In a written statement to Forbes, Argo BlockChain CEO Peter Wall noted, “The newly formed Bitcoin Mining Council is the next logical step in facilitating the industry’s shift to renewable energy.”

While some Bitcoin users thought Musk’s tweet about fighting environmental anxiety was necessary, others focused on words like “committee,” “major,” and “leadership.” among other words. Is this incident another attempt by the rich and famous to take over Bitcoin? Or is it a real movement.

Saylor and the Bitcoin Mining Council

have offered an explanation

Seeing a potential PR crisis, members of the Bitcoin Mining Council took immediate action, with both Galaxy Digital’s Amanda Fabiano and Argo’s Wall tweeting their views that the council’s main goal is to maintain “energy transparency The committee’s main goal is to maintain “energy transparency.

Peter Wall tweeted to Amanda on May 25, “Well said Amanda, this is just about increasing energy transparency and improving sustainable mining practices, nothing more.”

In her post, Amanda defended the existence of the committee saying, “We need to be transparent and we should encourage others to be transparent…”

What Exactly Did Two Wall Street Moguls Saylor and Musk Say at the Bitcoin Mining Council?

In a May 25 tweet, Amanda wrote, “Instead of standing by or continuing to voice their opinions on this issue, miners want this issue to go away. Miners believe they need to be transparent themselves and encourage others to be transparent, maybe committee is too serious a word.”

A few minutes later, Saylor joined the discussion for them, noting that the committee meets “to talk about the energy challenges we face, both real and imagined…”

In a May 25 tweet, Saylor noted that “this weekend, some bitcoin miners came together to talk about the energy challenges we face, both real and imagined, and to work together to develop solutions for the benefit of the entire industry.”

What do we know about the conference itself?

Julia Chatterley’s “First Move,” televised by CNN, interviewed Fred Thiel, CEO of Marathon Digital Holdings, who participated in a conference call with Musk and Saylor’s conference call and noted its purpose: “To help Musk really understand bitcoin.

“To help Musk really understand the Bitcoin mining industry and the Bitcoin mining industry’s commitment to using carbon neutral energy and how it uses electricity.”

Fred Thiel noted, “One of the reasons this organization was formed was to be transparent about energy use, to educate the market about how bitcoin mining is a last resort for energy consumption and how we use a lot of energy that would otherwise be wasted, that bitcoin miners don’t consume a lot of energy that is harmful to the environment, and that a lot of energy is carbon neutral. As we continue to move toward carbon neutrality, we will be the enabler of the industry trying new technologies that provide renewable energy.”

He makes some good points here. Like the Clean Monster, Bitcoin tends to consume energy that is wasted. Moreover, it’s a driver for renewable energy companies to innovate and create new clean energy sources. Without an energy market, they wouldn’t risk experimenting, and Bitcoin is that market.

What Exactly Did Two Wall Street Moguls Saylor and Musk Say at the Bitcoin Mining Council?

Bitcoin Community Opposes Marathon

To be exact, Marathon Digital Holdings is one of the problematic companies in the Bitcoin community. In Reddit super user Fiach Dubh’s post about the most platinum and commentary award for the whole thing, Marathon was blamed.

“It’s a good idea to only include “OFAC approved” transactions in the bitcoin blocks they mine. Great, you can do that! Even if it means you lose mining revenue, even if it means you still include OFAC-violating transactions in your blocks.”

The bitcoin community is concerned about verification of those who don’t act according to the commission’s standards and smells a merger of centralization and miners .

Saylor told the Bitcoin Miners Council

What was said?

Fortunately for CoinDesk, they have Michael Saylor as a speaker at the 2021 Consensus Conference, their own conference. Michael Saylor says he wants to help find a way to share the complex but amazing story of Bitcoin.

Regarding the committee, Saylor said, “The group is more interested in ‘managing the concerns of all parties, especially from uninformed parties,’ about the energy use of bitcoin. “

We need to make sure that people who are hostile to Bitcoin and hostile to the crypto industry don’t define those models and metrics,” he noted. If we don’t have any good information or response, they will develop those models.”

This is what we know so far about the Bitcoin Miners Council.

Posted by:CoinYuppie,Reprinted with attribution to:https://coinyuppie.com/what-exactly-did-two-wall-street-moguls-saylor-and-musk-say-at-the-bitcoin-mining-council/
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