Bitcoin Mining Council forms for promotion of energy usage transparency.

In Brief

The Bitcoin Mining Council will comprise the leading miners from North America. The decision to standardize accepts of cryptocurrency mining was taken with Elon Musk and others being in the frontline.

The Bitcoin Mining Council refers to Musk’s earlier suggestion for conducting energy audits, especially for large miners. MicroStrategy CEO, Mr. Michael Saylor has formed this mining company for energy usage transparency. Saylor, being the CEO is considered to be one of the leading Bitcoin miners in North America.

In his tweet, Saylor stated that the Bitcoin miners will promote and understand the energy usage transparency. This, in turn, will help accelerate the sustainability initiatives worldwide with the companies. The Bitcoin Mining Council comprises representation from Argo Blockchain, Blockcap, Riot Blockchain, Marathon Digital Holdings, Core Scientific, Hive Blockchain, Galaxy Digital, and Hut 8 Mining.

The Bitcoin Mining Council will also, however, look into the education and development of the marketplace along with standardizing energy reporting. This would be done along with the pursual of industry ESG goals.

Replying to Saylor’s Tweet, Musk also tweeted describing the meeting as “potentially promising”. He even mentioned how the council came together to show commitment to publish current and planned renewable usage.

There is an ongoing debate regarding cryptocurrency’s environmental impact. Musk and others have earlier suggested powering bitcoins with renewable sources. Even though he added saying bitcoin’s growth would not have been at the same rate as with renewable sources.

Similarly, Joseph Pallant, founder of Blockchain for Climate Foundation mentioned that once investors understand the environmental impact of their choices, it would be easy to maintain a cleaner bitcoin. However, carbon footprints would be required to follow these measures which clash with their privacy.

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