Michael Saylor has announced his intent to form a Bitcoin Mining Council. The initiative, which counts with the support of the leading Bitcoin mining operations in North America, aims to promote sustainability initiatives and increase transparency worldwide.
The announcement was made by Michael Saylor, Founder, and CEO of MicroStrategy, via a Tweet on May 24th amid growing concerns about the environmental impact of Bitcoin and Cryptocurrency mining continue to increase.
The debate around the energy requirements of crypto mining has become a major source of the escalation between Bitcoin critics and supporters, becoming one of the most influential factors in the market’s behavior.
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
According to Saylor’s tweet, the creation of the Bitcoin Mining Council was the result of a meeting between himself and executives representing crypto mining operations like Argo, Blockcap, Core Scientific, Galaxy Digital, Hive, Hut 8 Mining, Marathon Digital Holdings, and Riot Blockchain, some of the most influential companies in the crypto space.
The organization was formed with the intention to “standardize energy reporting, pursue industry ESG goals, & educate+grow the marketplace.”
These goals should help address the growing concerns by environmentalists, regulators, and the general public who find themselves puzzled by the conflicting information that has surfaced over the past months.
The Council is Already the Center of Controversy
While few details have been provided when it comes to how these objectives will be achieved by the organization, experts and investors are already speculating and offering suggestions on what the best approaches could be.