The idea is to promote the use of renewable energy to mine Bitcoin. The Bitcoin Mining Council intends to standardize reports on energy consumption.
Billionaire Elon Musk keeps defending his position about the energy consumption of Bitcoin mining. Now, with the support of Michael Saylor, CEO and Founder of MicroStrategy, he created a Green Mining Action Group alongside leading digital mining companies in North America.
The organization, called the Bitcoin Mining Council, came to light due to a meeting between Musk and North American mining companies sponsored by Saylor, the latter announced the news via Twitter. The idea of this group is to promote the adoption of clean energy in the Bitcoin mining activity, something that some of the companies had already started to do recently.
Executives from companies such as Argo Blockchain, Blockcap, Core Scientific, Galaxy Digital, HIVE Blockchain, Marathon Digital Holdings, Riot Blockchain, and Hut 8 Mining, attended the meeting.
A Mining Council to Encourage Transparency in Energy Use and Sustainability
Saylor explained that the miners joined to fund the Bitcoin Mining Council to promote transparency in energy use and increase the effectiveness of sustainability initiatives worldwide.
The businessman also assured that the agreement comes with the standardization of reports on energy consumption, establishes environmental goals, and adds educational efforts in favor of mining with minimal impact.
According to Musk, the miners also agreed to post news about their plans regarding clean and renewable energy and ask miners in the rest of the world to do the same. The Tesla founder, with a high critical position about the impact of Bitcoin mining, called the initiative “potentially promising.”
The creation of the Bitcoin Mining Council comes after a controversy that was sparked in recent weeks by Musk. The Tesla founder announced that the car-making company would stop receiving bitcoin as a method of payment, precisely because he was concerned about the environmental problem that Bitcoin mining could represent.
Tesla would be taking advantage of credits for renewable fuels in the United States of America, which for many in the bitcoin environment revealed Musk’s interests behind the discussion about the environmental risks in Bitcoin mining.
North American Bitcoin Miners
Among the companies that take part in the creation of the Bitcoin Mining Council, some stand out that had already been adding durable mining efforts. Argo Blockchain had already created this alliance having this goal in mind.
Peter Wall, CEO of Argo Blockchain, assured that this new organization is the next logical step to create a more solid sectoral shift towards renewable energy. The executive referred to the need to improve sustainable mining practices.
Marathon Digital Holdings has assumed a policy of compliance with the US Office of Foreign Assets Control, OFAC. The Marathon pool would reject address transactions sanctioned by the agency.
By: Jenson Nuñez