Michael Saylor Responds To Criticism Of The Bitcoin Mining Council

In a conversation in CoinDesk’s yearly Consensus seminar, Michael Saylor, chairman and CEO of MicroStrategy, contested claims that the recently formed Bitcoin Mining Council, including a number of North America’s biggest bitcoin miners and spearheaded by him and Elon Musk, may result in the business’s centralization.

The miners formed the Bitcoin Mining Council ‘to market energy use accelerate and transparency sustainability initiatives globally.’

Although the participants jointly control less than 10 percent of their international computing power on the bitcoin system, the information instantly caught fire and faced criticism. ‘This movement’has nothing to do with solar climate or energy. It’s all to do with CONTROL,’ composed Marty Bent, co-founder of Good American Mining, in his book shortly following the statement.

Speaking at the summit, Saylor mentioned in response to critics:’The only reason we had the assembly is because we wanted to make sure the achievement of some decentralized cryptocurrency and also the origin of decentralization is energy use ‘

In addition, he called concerns on the sustainability of electricity sourcing’the existential threat to bitcoin – to the extent that we would like to shield Bitcoin, we must handle any issues, particularly from uninformed parties, regarding energy use,’ making sure people who are’hostile to Bitcoin along with the crypto industry are not defining those narratives,”’ metrics and models.

In accordance with Saylor, he achieved to Musk first and provided to convene the meeting between him and the miners. ‘We wanted to know how we are the great guys in the total ESG discussion’, as’we [bitcoiners] would be the great folks’ who are’really driving adulthood,’ says Saylor.

The council’s first order of business will entail the introduction of a protocol which will standardize energy reporting requirements to the miners and function as a’benchmark versus other businesses,’ giving institutional shareholders’relaxation as they enter the area,’ says Saylor. Moreover, the group intends to think of industry-wide Environmental, Social, and Corporate Governance (ESG) targets.

By some quotes , China accounts for at least 75 percent of the entire processing power onto the bitcoin network.

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