This article comes fromThe Block, original author: Aislinn Keely
Odaily Translator | Nian Yin Si Tang
Summary:
This article comes from
, original author: Aislinn Keely
Odaily Translator | Nian Yin Si Tang
secondary title
Summary:
- BMC held its first meeting yesterday via Twitter Spaces to lay out its mission to the audience.firstLast month, MicroStrategy CEO Michael Saylor revealed that he hosted a meeting between Tesla CEO Elon Musk and well-known North American Bitcoin mining companies, and the mining companies agreed to form a Bitcoin Mining Committee to improve the transparency of energy use. , and accelerate global sustainable development plans. Additionally, Musk does not hold any positions on the Bitcoin Mining Council.supportinformation about the committeepauseExposure via Elon Musk. Out of consideration for environmental issues, Tesla is announcingAdd tosupport
Bitcoin payments announced months later
the service. Many people are arguing why Musk would go all out to buy Bitcoin and support payments without checking energy expenditures, and also encrypted assets.websiteAdd to
to Tesla's balance sheet. On the occasion, Saylor formed a committee and invited Musk to a conversation with industry insiders.
BMC in its
website
“Musk’s involvement was limited to joining an educational call organized by a North American company to discuss bitcoin mining,” explaining on the website, thereby “dissociating” any relationship with Musk.
The group has taken a more informational angle, rather than positioning itself as a self-regulatory organisation, which may ease regulatory concerns. As BMC states on its website: "BMC does not exist to tell anyone what to do."
In fact, much of the conversation focused on "pre-empting bad news." During the 90-minute session, members of the group shared their views on topics such as firepower mining, the drop in hashrate in China, and the temporary lifting of the ban on cryptocurrency mining in New York.
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Will the members choose to shoulder the mission?
As stated by Jamie Leverton, CEO of member organization Hut 8 Mining, the committee's mission is to:
"[It's] a voluntary and open forum with the goal of engaging Bitcoin miners to the network and its core principles. We promote transparency. We share best practices and educate the public on the benefits of Bitcoin and mining... We want to achieve this in the most open, transparent, inclusive and decentralized way possible."
All aspects of participation are voluntary, and members can choose to be transparent or non-transparent as they wish, without any imposed standards, including disclosure. It also does not establish mandatory regulatory or compliance standards for its members, nor does it create any barriers to entry.
"Providing any governance, requirements or rules is absolutely not on our agenda because it's not a governance committee," Saylor said.
This avenue appears to be a way for participants to openly share what they believe to be a more comprehensive picture of mining — something they feel is failing to capture in the mainstream media. These participants include founding members of MicroStrategy, Riot, Galaxy Digital, Marathon Digital, Hut 8, Hive, Core Scientific, Blockcap, and Argo.
As Saylor said, committee members support the Bitcoin network itself. Although as individuals they may advocate for the use of renewable energy and seek to correct what they perceive to be bad or “distorted” narratives related to energy consumption, they are not bound by any governance model and need not be out of fear of the regulatory regime Instead, respond, such as deal reviews or mandatory energy initiatives.
What binds them together is the shared support for the bitcoin network, Saylor said.
"We're not here to fix bitcoin," Saylor said, "so you can assume we believe in the whole spirit of bitcoin as much as anyone, and we're going to do everything we can to defend the value of bitcoin. We're here to protect bitcoin Don’t be misunderstood, these misunderstandings can lead politicians to take action against Bitcoin, or cause negative media coverage, destroying the spread of Bitcoin around the world.”
BMC is very young and the organization is currently focused on registering members and figuring out what to do as a group, so as of now it has no budget and no plans to spend the money. Over time, though, the committee's idea is to create a model of the bitcoin mining network that demonstrates energy use and resource mix to others.
With that goal in mind, Saylor said, the committee wants to publish any research results so others can make predictions about the network. Still, this is voluntary for any member, meaning the model the committee ends up proposing may not be the full picture.
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Does decentralization conflict with the establishment of an organization?
