Home Bitcoin News Bitcoin Mining Council Promoting Transparency of BTC will not have Teeth

Bitcoin Mining Council Promoting Transparency of BTC will not have Teeth

bitcoin
  • BTC at 56% Sustainable Power Production
  • Bitcoin Mining Council With Miners
  • Shortcomings of regulators will get exposed soon

The Bitcoin Mining Council are a voluntary and open forum of Bitcoin miners who are committed to the network and its core principles. They focus on promoting transparency, share best practices, and educate the public on the benefits of Bitcoin and Bitcoin Mining. They welcome all Bitcoin miners to join the forum.

The mandate of the Bitcoin Mining Council is to promote transparency, share best practices, and educate the public on the benefits of Bitcoin and Bitcoin Mining.

The BMC’s membership is made up of Bitcoin miners who:

  • “Believe that transparency around energy usage for Mining is essential and agree to voluntarily share their energy mix and hash rate size for research and educational purposes.
  • Agree to share best practices with fellow miners.
  • Promote Bitcoin’s core principles and tenets.  Namely, that it is a decentralized, peer-to-peer, censorship-resistant, and open-source protocol.”

The BMC intends to, among other things, hold a quarterly meet-up presenting trends in Bitcoin mining, partner with leading industry researchers to gather data and educate the public on Bitcoin mining, and open-source best practices from Bitcoin miners to encourage industry growth.

There is no cost to join the BMC. The founding members that helped establish BMC will assume the onboarding and operating expenses for the first year of operation. Any excess funding will be given back to Bitcoin’s core development through an established organization.

The BMC is not designed to have “teeth” or tell anyone what to do – we’re all trying to contribute and build a decentralized economy. Everyone is an independent player, but there is always room for conversation and education. The idea of the BMC is to first and foremost share best practices and educate the public about the work that we’re doing.

Michael Saylor convened the first meeting attended by a number of large North American miners in late May 2021. He is a vital member of the BMC, both as a facilitator and Bitcoin supporter.

Conclusion: Bitcoin is already at 56% sustainable power production. It is insignificant what kind of arbitrary threshold any CEO sets for his company participating in Bitcoin!

Community response:  Great, of course, regarding even more environmentally friendly Mining, but even before Elon decided not to no longer accept Bitcoin as payment, Mining was already above the threshold he stated for renewables that would be acceptable. So his move naturally accelerated things further.

ESG policy is absurd and political, but it’s extra ridiculous to aim it at an industry that already uses and incentivizes ESG compliant behavior. They’re going to inadvertently expose their shortcomings while shining a spotlight on Bitcoin’s benefits.

They don’t care about energy use or environmental impact. They care about staying in control.

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James

James T, a passionate crypto journalist from South Africa, explores Litecoin, Dash, & Bitcoin intricacies. Loves sharing insights. Enjoy his work? Donate to support! Dash: XrD3ZdZAebm988BfHr1vqZZu6amSGuKR5F

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