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.
However, some groups of the crypto industry have criticized the BMC. Naming it a trojan horse and major power grab.
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.
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.
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.
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.
📣 Cryptonetwork.News is now on Telegram. Click here to join our channel and stay updated with the latest Cryptocurrency, Blockchain, and Cryptomining headlines