Bitcoin miners’ energy council launches

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The Bitcoin Mining Council is intended as an open forum to bring transparency to the energy consumption of Bitcoin mining.

The new Council, which emerged in a meeting convened by Michael Saylor, CEO of the Virginia, US-based business intelligence company MicroStrategy, and top North American Bitcoin miners in May, is a response to the growing debate about the energy usage related to its mining.

While information about the Council is still limited, its newly launched website gives some more insights to the body, which states it to be an open forum with its mandate “to promote transparency, share best practices, and educate the public on the benefits of Bitcoin and Bitcoin mining”.

For its part the Council believes that Bitcoin’s energy usage is a feature, not a bug, and provides tremendous network security. By providing a voluntary disclosure forum, miners can decided to share their energy sources, in hopes of promoting transparency, the website states.

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The Council lists nine founder members, primarily North American miners. While representing only a small proportion of the global hashrate, “you need to start somewhere,” says the website, asserting that an enormous amount of interest has been received from miners around the world and that membership numbers are expected to grow quickly.

The Council does not have ‘teeth’ as such and nor does it seek to change the decentralised nature of Bitcoin or its core principles, the website notes.

Activities intended include holding a quarterly meetup presenting trends in Bitcoin mining, partnering with leading industry researchers to gather data and educate the public on Bitcoin mining, and open sourcing best practices from miners to encourage industry growth.

Membership is open to any Bitcoin miner with the founding members have committed to assuming the onboarding and operating expenses for the first year of operation.

Any sort of management structure and/or office bearers still need to be put in place.

Notably Elon Musk, who joined Saylor in the initial call with the North American miners, has no role in the Council, according to the site. Musk, who had previously announced Tesla’s suspension of vehicle purchases using Bitcoin, has now announced there will be a resumption “when there’s confirmation of reasonable (~50%) clean energy usage by miners with positive future trend”.

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