The Bitcoin Mining Council, a group of energy-conscious North American Bitcoin mining companies has officially debuted on June 10 and clarified that Elon Musk will have “no role” at the Council. Musk initially teased the group’s formation in a tweet last month.
Elon Musk Will Play No Role at the Bitcoin Mining Council
The Bitcoin Mining Council that describes itself as a “voluntary and open forum of Bitcoin miners committed to the network and its core principles”, made a formal debut on June 10 that aims to promote Bitcoin “energy usage transparency.”
MicroStrategy CEO, Michael Saylor, one of the founding members announced the council’s official launch on his Twitter page on June 10.
The council was first teased by Tesla CEO Elon Musk as “potentially promising”, but the website has officially clarified that Musk has no role at the BMC:
“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.”
Spoke with North American Bitcoin miners. They committed to publish current & planned renewable usage & to ask miners WW to do so. Potentially promising.
— Elon Musk (@elonmusk) May 24, 2021
Musk had been previously criticized for his centralized attempt to control the mining industry on meeting the council members. However, Tesla CEO’s involvement with the group appears to have only involved as educational.
The group further confirmed that it is completely independent of the Bitcoin network itself and has no intentions to disrupt its decentralization.
Elon Musk Was Pressured to Drop Bitcoin Payments
Tesla CEO, Elon Musk had been pressured to cut down Bitcoin as payments for its electric car manufacturing company, according to the notable investor and Shark Tank host Kevin O’Leary.
“Elon was pressured, I believe, by the shareholders of Tesla to speak out about this because they live with sustainability committees, and they’re not on the side with Bitcoin being used as a currency to buy Tesla cars. And so they probably pressured him to make the statement he made” he said.
O’Leary even urged those involved with BTC mining to resolve the ESG (environmental, social, and governance) issues while validating Tesla’s decision “echoed what every institution is saying they need an answer to the sustainability issue. You can’t just burn coal to mine bitcoin. That has to stop if you want institutions.”