Cryptocurrency News

Michael Sayler says bitcoin mining council needs to counter ‘hostile’ narrative

Michael Saylor, CEO of MicroStrategy, has explained the details and thinking behind its formation. Bitcoin Mining Council.

The council was formed on May 25, when Saylor mediated a successful meeting between Elon Musk and several top North American bitcoin mining firms. The miners involved will provide current and planned renewable use transparency, and will advocate other mining operations around the world to do so

Speaking at the Virtual Unanimous 2021 conference, Saylor stressed that the council was formed out of the need to provide greater transparency on the bitcoin mining industry and to promote sustainable initiatives going forward:

“The only reason we have a meeting is because we want to ensure the success of a decentralized cryptocurrency, and the source of decentralization is energy use,” said Sayler.

“It turns out that bitcoin miners don’t really have a good platform to explain how they generate their own energy. We don’t have a standardized model for bitcoin energy use right now, and we don’t have future forecasts. Not the model we usually use. “

Although the Bitcoin Mining Council has proved controversial in some quarters compared to the oil production cartel OPEC. Podcaster Marty Bent, co-founder of Great american miningWhich which Use of Waste gas from power plants to power their bitcoin mining operations – compared to controversial bitcoin scaling schemes 2017 New York Agreement, In his newspaper of 24 May:

“Do they not remember the last time there was a closed-door meeting involving stakeholders who attempted to speak on behalf of the entire industry?”

But Saylor refuted the notion that there was anything secret or non-transparent about the meeting. “If it had been a secret meeting, I wouldn’t have told the next day to millions of people that it was a secret meeting. Believe me, you know, we told everyone in the world that we had a meeting,” he said.

He stressed the need to fight back against a hostile anti-cryo narrative portrayed by some institutions and media outlets:

“We need to make sure that people who are hostile to bitcoin and hostile to the crypto industry are not defining those narratives and defining those models and defining those metrics. In the absence of any good information or feedback from us, they will define those models. “

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 participation

Sayler revealed that after a “very lengthy conversation” with Elon Musk, the CEO of MicroStrategy reached out to bitcoin mining firms and asked if they wanted to meet the entrepreneur. During the “constructive” meeting, other attendees reportedly asked Musk for advice on combating the growing carbon concern around bitcoin:

“We asked Elon about his advice on how we could actually manage concerns in the mainstream. We had a detailed conversation about this. We talked about how we could present better data.”

Musk’s report was “First-Order Ask” “Can we come up with a way to publish or create transparency for the use of bitcoin mining energy?” And Sailor echoed this sentiment when he said:

“I think the first step is, let’s come up with a protocol for us to publish energy information so that we can share it with the world and then work together to make sure that we meet the sustainable energy goals Chase. “