Michael Saylor has provided more context on the Mining Council, and hopes to combat the anti-crypto narrative with greater Bitcoin mining transparency.
MicroStrategy CEO, Michael Saylor has explained the details and thinking behind the formation of the Bitcoin Mining Council.
The council was formed on May 25 after Saylor brokered a successful meeting between Elon Musk and several top North American Bitcoin mining firms. The miners involved will provide current and planned renewable usage transparency, and will lobby other mining operations across the globe to do so as well
Speaking at the virtual Consensus 2021 conference, Saylor emphasized that the council was formed out of the need to provide greater transparency on the Bitcoin mining industry, and promote sustainable initiatives moving forward:
“The only reason we had the meeting is because we wanted to ensure the success of a decentralized cryptocurrency, and the source of decentralization is energy usage,” Saylor said.
However the Bitcoin Mining Council has proven controversial in some quarters with comparisons to the oil production cartel OPEC. Podcaster Marty Bent, the co-founder of Great American Mining, which utilizes wasted gas from energy plants to power its Bitcoin mining operations — drew comparisons to the controversial Bitcoin scaling plans emerging out of the 2017 New York Agreement, in his May 24 newsletter:
But Saylor was quick to rebuff notions there was anything clandestine or non-transparent about the meeting. “If it was a secret meeting, I wouldn’t have told millions of people the next day that it was a secret meeting. Trust me, you know, we told everybody in the world that we had a meeting,” he said.
He emphasizing the need to fight back against a hostile anti-cryto narrative portrayed by some institutions and media outlets:
The council is made up of North American miners, including Argos Blockchain, Blockcap, Galaxy Digital, Hive Blockchain, Hut 8 Mining, Marathon Digital, and Riot Blockchain.
Elon Musk’s involvement
Saylor revealed that after a “very long conversation” with Elon Musk, the MicroStrategy CEO reached out to the Bitcoin mining firms and asked if they’d like to meet the entrepreneur. During the “constructive” meeting, the other attendees reportedly asked Musk for advice on how to combat the growing carbon anxiety surrounding Bitcoin:
Musk’s reported “first-order ask” was “can we come up with a way to publish or create transparency for Bitcoin mining energy usage?” and Saylor echoed this sentiment when he stated: