Mission statement of BMC has been issued and is looking forward to seek members
The Bitcoin Mining Council was founded by notable CEOs Michael Saylor and Elon Musk. The council began as a closed group, but it is now open to all miners. While Michael Saylor is a founder member, Elon Musk has “no role” in the council, according to the website, which has been recently launched. The website lists out the members and the mission statement of the organization.
Why Elon Musk isn’t the founding member anymore:
From the website:
“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.”
The controversy about cryptocurrency’s environmental issues erupted after Tesla CEO Elon Musk denied bitcoins as payment in Tesla due to the power consumption by crypto miners. The quantity of energy required in bitcoin mining is compared to emissions from big power plants and industries
Musk had a crisis of conscience last month and announced his sympathy for the miners during a meeting with them organised by MicroStrategy Founder Michael Saylor. In May, Musk also tweeted that he had “potentially promising talks” with North American Bitcoin miners about energy saving measures in bitcoin mining. During the meeting with Musk, Miners reassured the Tesla CEO by agreeing to organise an organisation dubbed “The Bitcoin Mining Council” in order to standardise energy monitoring and reduce energy usage in Bitcoin mining, as Musk and Saylor revealed.
Following this statement, the Bitcoin Mining Council made its public debut this week. Michael Saylor announced the council’s launch on Twitter, along with the council’s objective.
“The Bitcoin Mining Council is a voluntary and open forum of Bitcoin miners committed to the network and its core principles,” MicroStrategy Inc. Chief Executive Officer Michael Saylor, who helped to form the association, tweeted. He asserted, “Join us (with a praying-hands emoji),”
Considering Elon Musk’s consistent support for crypto miners, it was thought that he would be a member of the Bitcoin Mining Council, however the Tesla CEO has no official involvement on the council.
The Bitcoin Mining Council has officially begun functioning. With the advent of the Bitcoin Mining Council, it is predicted that miners will begin employing renewable energy sources instead of fossil fuels in order to limit environmental harm.
According to the website:
“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.”
Individual members must submit precise energy statistics to do this. Historically, miners and mining corporations have been hesitant to publish this information publicly. Becoming a member of the commission entails voluntarily disclosing the energy sources utilised in Bitcoin mining. The council premiered last month in America, when Michael Saylor convened a gathering of several miners. The meeting’s goal was to steer bitcoin mining in a more environmentally friendly path.
As per the Bitcoin Mining Council:
“Bitcoin’s energy usage is a feature, not a bug, and provides tremendous network security. By providing a voluntary disclosure forum, miners can decide to share their energy sources, in hopes of promoting transparency.”
This focus obviously departs from the green push that sparked it. The Bitcoin Mining Council has nine members, including Microstrategy, Galaxy Digital, BlockCap and Marathon.
Any Bitcoin miner who believes in the same mission of transparency and shares best practices is welcome to join the commission at no cost. According to the website, the BMC’s founding members will pay the cost of onboarding and operational expenditures for the first year of service. “ Any excess funding will be given back to Bitcoin core development through an established organisation,” the company stated. When Saylor announced the formation of the BMC, many CEOs and crypto aficionados embraced it with open arms.