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Bitcoin Mining Council’s Illicit Activities?

MicroStrategy CEO Michael Saylor denies the conspiracy theories about “Bitcoin Mining Council”

The crypto community troubles that some influential figures and companies have held a meeting privately. Saylor says that there is nothing untoward going on. Bitcoin Mining Council is on its way.

Michael Saylor denies the allegations of illicit motives behind the newly formed Bitcoin Mining Council. The council includes some of the biggest US miners led by Saylor and Elon Musk.

The organization sprung up after Musk’s sudden change of mind about Bitcoin. He raised concerns about the overuse of coal in powering mining rigs. The BMC will fight this problem.

“The miners have agreed to form the Bitcoin Mining Council to promote energy usage transparency & accelerate sustainability initiatives worldwide,” he stated.

However, some groups of the crypto industry have criticized the BMC. Naming it a trojan horse and major power grab.

bitcoin mining council

Bitcoin Mining Council in the Hot Seat

The BMC served as a response to solving the long-term sustainability of Bitcoin mining all over the world.

Bitcoin mining entices negative press about the use of excessive energy. Cambridge University estimates the network consumes even more energy yearly than the Netherlands.

Lately, Elon Musk accuses that a lot of miners use coal, which he says is the most polluting of all the fossil fuels. This is a point mocked by Anthony Pompliano, who says that ¾ of miners are using renewable sources.

“Elon … you realize that 75% of miners use renewable energy, right? This energy story has been debunked over and over again.“

Early this week, Saylor and Musk announced on Twitter that they held a meeting with executives of prominent mining firms, Argo Blockchain, Galaxy Digital, Marathon Digital Holdings, and many others.

Saylor then stated that the purpose of the meeting was to ensure the success of Bitcoin by improving sustainability.

“This move has absolutely nothing to do with green energy or climate. It has everything to do with CONTROL.”

Marty Bent, the Co-founder of Great American Mining

Saylor answers to the critics

Responding to the feedback about the BMC meeting, Saylor ousted about any talk it waas shady secret meeting about hidden agendas.

“If it’s a secret meeting I wouldn’t have told millions of people the next day that there was a secret meeting, trust me,” he stated.

Further dispelling the idea, Saylor elaborated what the meeting was about, saying that it was simply a discussion about managing the negative public impression about Bitcoin mining. He continued saying that Elon Musk suggested better data to address the trending concerns.

“What happened in the meeting, is, is, Elon met the miners. The miners talked about their approach towards energy and their commitment to sustainability. We asked Elon for his advice about how we might actually manage concerns in the mainstream,” Saylor said.

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