After Tesla’s Elon Musk and MicroStrategy CEO Michael Saylor revealed the revelation of a newly created “Bitcoin Mining Council”, the news became a viral topic. While some cryptocurrency advocates like the idea, others suspect some billionaires to have closed-door meetings with North American bitcoin miners.
The Bitcoin Mining Council brings back memories of the infamous Hong Kong and New York agreements
On Monday, Elon Musko Told my Twitter followers He recently spoke with North American bitcoin miners, saying they are “committed” to working towards using renewable energy sources.
After Musk’s statement, Microstory CEO Michael Saylor said He hosted the meeting between Musk and “the leading bitcoin miner in North America”. Sailor further revealed some mining participants who have joined the “Bitcoin Mining Council”.
Hello i am new to bitcoin
And i’m here to fix it
We’ve been here and got t-shirts guys. It probably won’t be what you imagined it to be.
– Danny Brewster (@BtcDanny) May 24, 2021
According to Sayler’s tweet, miners such as Riot Blockchain, Core Scientific, Galaxy Digital, Hive Blockchain, Hut 8, Marathon, Argo Blockchain and Blockcap have joined the initiative. Despite the optimistic opinions of some people about the Bitcoin Mining Council, not everyone was positive about the announcement.
For a large number of crypto supporters, the closed-door meeting was seen as shady and reminded them of the infamous Hong Kong and New York settlement. For example, the Twitter account @altcoindailyio responded to Saylor’s tweet and said:
We will call it the New York Agreement.
‘Closed-door meetings in the history of bitcoin usually have no good outcome’
The Twitter account @documentingbtc also responded to Sailor’s announcement and said:
Closed-door meetings usually have no good outcome in the history of bitcoin.
The Hong Kong and New York agreements are very controversial times within the community. The Hong Kong agreement was signed on February 21, 2016 and was titled “Bitcoin Round Table Consent”. In that specific agreement, it stated that the signatories agreed that the bitcoin protocol would increase the block size to “2 MB, the total size not to exceed 4 MB.”
Many people signed Hong Kong Agreement, Including those who later changed their position, and then decided to fight against any block size increase. Signatures of individuals who have been in recent times Wholeheartedly against The size of any block increases, including people like Luke Dasher, Matt Corlow, Peter Todd, Adam Back and Samson Moe.
Along with many programmers, a large demographic of bitcoin miners also agreed to commitments to the Hong Kong agreement. But the Hong Kong Agreement was never successful, and soon another infamous meeting took place called the New York Agreement.
New york agreement The company was started by the Digital Currency Group and also became a controversial meeting. The meeting was dubbed the “bitcoin scaling agreement in consensus 2017” after being held during Coindesk’s consensus conference in New York that year.
Once again, a 2MB block size increase was proposed and agreed upon by 58 companies based in 22 countries and a large number of industry participants with 43.27% of hashing power. only part of only New york agreement This made it through the implementation of separate witness (segwit), and the 2MB increase was eliminated.
Amidst the conspiracy theories, the Argo blockchain executive says: ‘Bitcoin Mining Council is the next logical step’
These prior meetings with miners have caused much controversy within the cryptocurrency community, so Seller and Musk’s Bitcoin Mining Council has been viewed with the same skepticism.
The Reddit Forum, some bitcoiners on R / bitcoin, do not appreciate two billionaires interfering with miners and addressing carbon neutrality. One Reddit post The Bitcoin Mining Council calls it a “publicity stunt to address environmental concerns”. In another post, a Redditor said:
‘Dirty energy bitcoin’ is Wall Street’s new way to slow down bitcoin’s dominance because ‘only criminals use bitcoin’ has stopped working.
Tesla car plants and charging stations should publish their own energy mix
– Peter McObanoxius (@PeterMcCormack) May 24, 2021
The first few pages of the stage are full of conspiracy theories on R / bitcoin. One R / bitcoin post Predicts that Tesla will soon announce a so-called Tesla bitcoin mining operation and many agreed with this theory.
Despite the intrigues, members of the Bitcoin Mining Council look forward to promoting the concept of environmentally friendly bitcoin mining operations. Argo blockchain (LSE: ARB) officials said the firm discussed the situation with Musk and Saylor. After the meeting, Argo blockchain chief executive Peter Wall said: “Today is a good day for the planet.”
“Sustainability has always been at the heart of Argo’s mining operations and the newly formed Bitcoin Mining Council is the next logical step in promoting a regional shift towards renewable energy,” Wall said in a statement sent to bitcoin.com news. “I enjoyed talking with Elon Musk about these issues this weekend, and look forward to engaging with Michael Sailor and other prominent North American miners who work for future proofs, who collectively Should improve sustainable mining practices and take ESG concerns seriously. “
What do you think about the reactions and meeting of the Bitcoin Mining Council and the similarity between the New York and Hong Kong agreements? Tell us what you think about this topic in the comments section below.
Image credit: Shutterstock, Pixabay, Vicky Commons, Hong Kong Compromise, Twitter,
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