9 hours ago · 2 min read
U.S.› Bitcoin › Rumors
MicroStrategy boss Michael Saylor rebuts conspiracy theories about the ‘Bitcoin Mining Council’
The crypto community is concerned that influential figures and companies held a meeting behind closed doors, but Saylor dismisses the idea that anything untoward is going on.
MicroStrategy CEO Michael Saylor denies accusations of clandestine motives behind the newly formed Bitcoin Mining Council (BMC), as per a video interview this week. The BMC comprises some of the biggest U.S. miners led by Saylor and “crypto villain” Elon Musk.
The organization came about following Musk’s apparent U-turn on Bitcoin, in which he raised concerns over the alleged overuse of coal in powering mining rigs. The BMC was formed to combat this problem.
“The miners have agreed to form the Bitcoin Mining Council to promote energy usage transparency & accelerate sustainability initiatives worldwide,” he stated.
But some sections of the crypto community have slammed the BMC, calling it a trojan horse and centralized power grab.
Bitcoin Mining Council feels the heat
The BMC was set up as a response to addressing the long-term sustainability of Bitcoin mining worldwide.
Bitcoin mining attracts negative press on the grounds of excessive energy use. Cambridge University estimates the network consumes more energy annually than the Netherlands.
More recently, Tesla CEO Elon Musk made allegations that most miners use coal, which he called the most polluting of all the fossil fuels. This is a point debunked by Anthony Pompliano, who claims 3/4 of miners use renewable sources.
“Elon … you realize that 75% of miners use renewable energy, right? This energy story has been debunked over and over again.“
Earlier this week, Saylor and Musk announced on Twitter they had held a meeting with executives of prominent mining firms, including Argo Blockchain, Galaxy Digital, Marathon Digital Holdings, and others.
Yesterday I was pleased to host a meeting between @elonmusk & the leading Bitcoin miners in North America. The miners have agreed to form the Bitcoin Mining Council to promote energy usage transparency & accelerate sustainability initiatives worldwide. https://t.co/EHgLZ9zvDK
— Michael Saylor (@michael_saylor) May 24, 2021
Saylor later said the purpose of the meeting was to ensure the success of Bitcoin by improving sustainability. But Marty Bent, the Co-founder of Great American Mining, said:
“This move has absolutely nothing to do with green energy or climate. It has everything to do with CONTROL.”
Saylor responds to the critics
Reacting to feedback on the BMC meeting, Saylor dismissed any talk it was a shady secret meeting with hidden agendas.
“If it’s a secret meeting I wouldn’t have told millions of people the next day that there was a secret meeting, trust me,” he stated.
To dispel this idea further, Saylor explained what went on in the meeting, saying it was simply a discussion on managing the negative public perception of Bitcoin mining. He added that Musk recommended better data to address the mainstream concerns.
“What happened in the meeting, is, is, Elon met the miners. The miners talked about their approach towards energy and their commitment to sustainability. We asked Elon for his advice about how we might actually manage concerns in the mainstream,” Saylor said.
Comments on social media say the meeting should have included the public.