On Thursday, June 11, MicroStrategy chief Michael Saylor officially kickstarted the newly formed Bitcoin Mining Council thereby inviting industry players. The Bitcoin Mining Council basically aims to shift the dynamics of the crypto mining industry by moving towards energy-efficient mining solutions.

advertisement

Inviting different industry players, Saylor said that the Bitcoin Mining Council will serve as a “voluntary” and “open forum” for Bitcoin miners.

The Bitcoin Mining Council is a voluntary and open forum of Bitcoin miners committed to the network and its core principles. We promote transparency, share best practices, and educate the public on the benefits of #Bitcoin and Bitcoin mining. Join us. 🙏https://t.co/vGPGD3TA5p

— Michael Saylor (@michael_saylor) June 10, 2021

The debut for Bitcoin Mining Council comes just within a month of forming the panel. As said, the council is basically a voluntary forum committed to the network along with its core principles. The Council has some of the top North American crypto miners as its founding members.

The names include some giants and public listed companies like Argo Blockchain, Core Scientific, Hive, Hut8, riot Blockchain, and others. However, the Council page says that any Bitcoin miner can join with no minimum limit on the size of the operation.

Also, the Bitcoin Mining Council aims to operate with complete transparency with all members voluntarily sharing their energy mix and hashrate size for educational and research purposes.

The Rise Awareness of Clean Energy Use In Bitcoin Mining

As the crypto industry matures, market participants are increasingly getting cautious about the massive use of electric power required in Bitcoin mining operations. Last month, for this very reason, Tesla suspended Bitcoin payments at its company for this very reason.

MicroStrategy’s Michael Saylor convened a meeting of some top North American miners and Tesla boss Elon Musk also joined the same. As a result, all miners decided to form a council to standardize the energy reporting. Musk said that the meeting was fruitful, however, he has no formal role so far in this council.

Also, governments worldwide are getting increasingly cautious of energy usage with crypto mining activities. China, one of the most lucrative destinations for Bitcoin miners has decided to completely ban Bitcoin and crypto mining activities in the country. As a result, miners are fleeing to other favorable destinations like North America.

The Bitcoin Mining Council will not only attract players worldwide but aims to steer the movement towards building sustainable energy solutions for mining purposes. El Salvador which recently legalized Bitcoin as an official tender is now exploring clean Bitcoin mining operations using the geothermal energy from volcanos.

Our engineers just informed me that they dug a new well, that will provide approximately 95MW of 100% clean, 0 emissions geothermal energy from our volcanos 🌋

Starting to design a full #Bitcoin mining hub around it.

What you see coming out of the well is pure water vapor 🇸🇻 pic.twitter.com/SVph4BEW1L

— Nayib Bukele 🇸🇻 (@nayibbukele) June 9, 2021

About Author

Bhushan Akolkar

Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.