‘The Bitcoin Mining Council’ Formed in Bid to Promote Energy Transparency

‘The Bitcoin Mining Council’ Formed in Bid to Promote Energy Transparency

The Bitcoin Mining Council has been formed to increase transparency around the energy consumption of cryptocurrency mining. The new group includes members of the Bitcoin Mining Association, Ethereum, the Litecoin Foundation, and BitFury. This is the first time a group like this has come together to discuss how to best ensure sustainable energy use, since bitcoin mining accounts for 0.1 percent of global energy consumption.

As crypto-mining became more popular and mainstream, many miners had complained that many of the largest mining pools were not transparent about their energy consumption. Miners were forced to pay far higher fees to mine with these pools, and some reacted by creating a website called the Bitcoin Energy Consumption Index to track the largest energy hogs. This led to the formation of the “Bitcoin Mining Council”, an open-source effort that seeks to create a standard for reporting cryptocurrency mining energy consumption.

The mining industry has long been shrouded in mystery. While the mining equipment can be seen on the outside, how it works on the inside has been kept secret. Because Bitcoin is open source, however, there are many developers who work to create transparency in the mining industry. One such initiative is a proposal to form a “Bitcoin Mining Council” that will help the mining industry promote energy transparency.. Read more about bitcoin renewable energy and let us know what you think.

The cryptocurrency markets have had a tumultuous time in recent weeks.  The reasons for this are varied, but one important factor is undoubtedly the concerns raised, again by Elon Musk, about bitcoin’s impact on the environment.  While it initially looked like Elon Musk would abandon his self-proclaimed push into bitcoin in favor of other, less energy-intensive projects, this is not the case.  Instead, in a series of recent tweets, Musk announced the launch of a new venture, the Bitcoin Mining Council, along with a number of prominent business leaders. ‘The Bitcoin Mining Council’ Formed in Bid to Promote Energy Transparency

Bitcoin mining consulting

As mentioned earlier, the Bitcoin Mining Council was created to address issues related to energy consumption on the network.  It specifically addresses the practice of mining, since the energy used to perform an actual transaction on the network is already negligible. It is important to note that the board has made it clear from the beginning that they do not want to change bitcoin on their own.  Peter Wall, CEO of Argo Blockchain, said: We’re not talking about bitcoin’s code, block size or anything else related to the changing nature of bitcoin….. We all love bitcoin for what it is, a decentralized system with no rights. The Bitcoin Mining Council plans to do the following,

  • Standardisation of energy reporting
  • Achievement of the sector’s ESG objectives
  • Clarifying the markets for cryptocurrencies
  • Promoting growth

dirty or clean

Since the topic of using bitcoin energy became popular, there have been different opinions on the best way to approach the subject.  Kevin O’Leary recently shared his views on developing a way to trace BTC to its source and qualify it as clean or dirty mined, i.e. whether or not renewable energy was used in the extraction process.  While it is not clear how this can be achieved with the advent of decentralized exchanges, mining services, etc., the Bitcoin Mining Council has made it clear that this is not part of its remit.

Founding members

Although the membership of this newly established body will undoubtedly increase over time, it has already begun its work, with representatives from several well-known companies.  They include, but are not limited to, the following.

  • Elon Musk
  • Michael Saylor.
  • Blockchain Argo
  • Blockchain
  • The most important scientist
  • Galaxy Digital
  • Hive Blockchain
  • Vacuum Shack 8
  • DH Marathon
  • Riot Blockchain

Scepticism is evident

While the idea of reducing the environmental impact of bitcoin mining is laudable, not everyone is convinced that the Bitcoin Mining Council is the best way to solve the problem. Critics’ opinions range from a general condemnation of Musk’s involvement to the view that bitcoin is fine as it is, to rejecting the company because a small, centralized group will not be able to change a decentralized global network. Whatever your point of view, it’s clear that transitioning to a green lifestyle is a blessing.  Whether the Bitcoin Mining Council will play a role in achieving this goal is more diffuse.  Bitcoin denier and gold enthusiast Peter Schiff shared his skepticism by stating: In other words: You’ve received guests while licking boots.  Let’s see if this is more than a one-day rally.The Bitcoin Mining Council (BMC) has formed and is looking to promote energy transparency in the cryptocurrency mining industry. The move has been welcomed by environmentalists, who say it will help spread awareness of mining’s energy consumption. However, there are doubts the industry will share the information voluntarily. Mission Accomplished OK, so that’s the basic flow of the project. What I learned was that it is possible to use a bajillion different services to actually achieve something, and that most of the time it’s not the tools that are the problem, it’s the people wielding them. This was a lot of fun, and I learned a lot about using many different services that I would not have otherwise used.. Read more about coinshares mining report and let us know what you think.

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