The North American Bitcoin Mining Council (BMC) which was created by MicroStrategy CEO Michael Saylor, made its debut yesterday and announced that Elon Musk is not a member of the Council.
The BMC stated that Elon mainly joined them on an educational call to discuss the pros and cons of Bitcoin mining. However, based on the report, Elon’s relationship with the Council has just ended as an “educational call” from now on. They stated, “Elon Musk has no role at the BMC. The extent of his involvement was joining an educational call with a group of North American companies to discuss Bitcoin mining.”
After Tesla’s CEO, Elon Musk shared concerns about the environmental impact of bitcoin mining and ultimately stopped the flagship cryptocurrency as a means of exchange for Tesla cars, the CEO of MicroStrategy then formed the North American Bitcoin Mining Council (BMC) whose sole purpose is to ensure adherence to renewable energy usage for Bitcoin mining and promote energy usage transparency in the flagship cryptocurrency.
The BMC has emphasized that they are not operating to tell anyone what to do in Bitcoin mining. Rather, the Bitcoin Mining Council advises that its members should strive and share their “energy mix.” Also, the Council emphasized that miners should utilize their power consumption data mainly for research and educational purposes. The BMC believes that doing this will help change people’s mindset of Bitcoin’s environmental impact which they believe to be grossly exaggerated.
Michael Saylor said that the group volunteers and opens forums for BTC miners who are dedicated to the network and its principles. He tweeted, “We promote transparency, share best practices and educate the public on the benefits of Bitcoin and Bitcoin mining.”
What this means
Elon Musk has been getting a lot of bad press lately because of his comments on Bitcoin which contributed to the crash in the crypto asset’s price in May. On Twitter, the Tesla boss has gone back and forth on the cryptocurrency creating a lot of FUD (Fear Uncertainty and Doubt) and panic selling.
Musk’s comments, however, precipitated the formation of the BMC and the greater attention currently being paid to sustainable mining of the crypto asset. His exclusion from the council is believed to be good for the cryptocurrency market as his tweets are now criticized for being manipulative in nature by many cryptocurrency enthusiasts.
Bitcoin is currently trading at $37,170, down 0.98% for the day, as of the time of writing this report.