Bitcoin mining council made its debut on June 10. It is an open forum for Bitcoin miners. The objective of the BMC is to promote transparency and share best practices. BMC is also planning to educate the public on the benefits of Bitcoin.
According to the company’s website, nine companies, including MicroStrategy, Galaxy Digital, BlockCap, and Marathon, support the initiative. Michael Saylor is MicroStrategy Inc’s chief executive officer. He is among the people who formed the organization.
Bitcoin Mining Council
He said that the Bitcoin mining council is a voluntary forum for miners committed to the network. Most of the cryptocurrency electricity is derived from fossil fuels. Hence several leaders and studies are raising concern over the carbon footprint involved in creating new coins.
The Tesla chief Elon Musk also banned the use of Bitcoin. He said that he is not selling any Bitcoin. Moreover, he intends to use Bitcoin for transactions as soon as mining shifts to more sustainable energy.
Tremendous Network security
BMC believes that Bitcoin’s energy usage is a feature, not a bug. Moreover, it provides Bitcoin with tremendous network security. In addition, members of the commission must disclose their energy sources used in Bitcoin mining.
The website also stated that Musk has no role at the BMC. But they acknowledged the extent of his involvement as an educational call. There is a group of North American companies that discuss Bitcoin mining.