The Bitcoin Mining Board officially started on Thursday when the debate raged about the environmental impact of a digital asset.
The Bitcoin Mining Council describes itself as “a voluntary and open forum for Bitcoin miners committed to the network and its core principles.” According to the official website, its mission is to promote transparency, maintain excellence and promote bitcoin education.
Michael Saylor, CEO of MicroStrategy, is one of the founding members who posted a call to arms on his Twitter account on Thursday.
The organization consists of a group of North American bitcoin mining companies with an interest in energy. This was first suggested by Elon Musk in a tweet at the end of May, but he has since clarified that he does not want any role on the board. The site does everything to highlight this point:
“Elon Musk has no role in BMC. The scope of his involvement was to attend an educational conference call with a group of North American companies to discuss bitcoin mining. ”
In addition to MicroStrategy, the founders include investment management company Galaxy Digital, blockchain mining company Argo, blockchain technology company Hive and bitcoin mining company Riot. The foundation members will cover any operating costs and invite any Bitcoin miner from anywhere in the world to join. He stated that every miner must:
“We believe that transparency in the use of energy for mining is important, and we agree to voluntarily share the energy balance and cannabis volume for research and educational purposes.”
BMC meets quarterly to analyze mining trends, collaborate with researchers in the industry, gather educational data and drive growth in the North American mining industry.
The group stressed that it is completely independent of the Bitcoin network itself and does not intend to break decentralization.
“We do not seek to change the decentralized nature of bitcoin or its fundamental principles, but rather to raise awareness of bitcoin and bitcoin mining.”
She added that the board believes that the use of bitcoin for energy is an advantage, not a disadvantage, and provides enormous security for the network. He recently drew attention to the energy use of global mining companies following Musk’s comments about their environmental impact.
The Cambridge Bitcoin Electricity Consumption Index currently estimates the annual electricity consumption of Bitcoin somewhere between the Netherlands and the United Arab Emirates.
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In the wake of recent government breakdowns, hashrate dominance is declining in China, while it is increasing in the United States, where mining can exploit cheap renewable energy sources in states like Texas.
More and more companies are opening businesses in the United States, attracted by the abundance of renewable energy sources. The latest collaboration between the mining software company Luxor and institutional technology and financial services companies NYDIG aims to stimulate growth in a thriving industry.
However, one of the biggest winners for geographical reasons is neighboring Kazakhstan.