Bitcoin Mining Council

[xenon131]

L

[NeuroticFish]

or he really wants to help?

Unless he offers some grants, zero-interest loans or such, I find it a cheap PR and not much else.
Or... it has just occurred to me... he may try to sell "clean" electricity to the miners or some batteries his company produces, i.e. he just does marketing for his own products.

[virtualdn]

Leading North American mining companies (such as ArgoBlockchain, Galaxy Digital, HiveBlockchain etc..) will form a ^{Bitcoin Mining Council} , the aim being to reduce the industry's greenhouse gas emissions. Such  initiative  was  announced after their weekend meeting with Elon Musk.

Should  this Council be considered as  Musk's attempt to rehabilitate himself  in the eyes of the community or he really wants to help?

Once a snake always a snake. I'd be cautious. But as I said in another thread I'm no longer interested in what Musk or Saylor say so I don't care at all They can do whatever they want.

[KaliLinux]

Leading North American mining companies (such as ArgoBlockchain, Galaxy Digital, HiveBlockchain etc..) will form a ^{Bitcoin Mining Council} , the aim being to reduce the industry's greenhouse gas emissions. Such  initiative  was  announced after their weekend meeting with Elon Musk.

Should  this Council be considered as  Musk's attempt to rehabilitate himself  in the eyes of the community or he really wants to help?

So does this mean that what Elon was accusing the Bitcoin miners of earlier was also correct for them to be having this sit down? because to me if it wasn't, why wouldn't they just tell him off? Not that I even trust Elon and any of these big guys in the Bitcoin space, I would support @NeuroticFish  here about Elon

or he really wants to help?

trying to sell "clean" electricity to the miners or some batteries his company produces, i.e. he just does marketing for his own products.

[Henrobakkara]

Funny that Elon is having so much power in cryptocurrency now and after causing FUD in the space and dragging the market down now trying to create an atmosphere that makes him looks like he truly cares about Bitcoin by involving in this move again trying to portray concern for Bitcoin. This guy is actually a snake.   

[Obito]

No matter how much council we make if we continue using fossil fuel as a source for electricity, the efforts of mining council will be in vain to be honest. The world will still pollute the air with other pollutants and we can't do a thing about it, this mining isn't a green thing to do is just a good scapegoat for other power companies to continue using coal powered electricity.

[crwth]

Starting this council is excellent, knowing that there would be people governing and making sure that there is accurate data being published in the energy consumption of Bitcoin Mining. I think it's best that there would be a center for everything to verify those data since most of the data are scrambled and doesn't make sense because it's not the same for everything.

It would be like making their own Bitcoin Mining standardization and make it even more efficient and understandable between different places. Every mining company should have a representative of their own so that everything is in the proper form.

This can be the step towards energy efficiency and utterly renewable energy transformation for the energy-hungry mining farms.

[Yogee]

...
So does this mean that what Elon was accusing the Bitcoin miners of earlier was also correct for them to be having this sit down? because to me if it wasn't, why wouldn't they just tell him off?

Business interest above all. There are miners who are already using green energy before Elon came into the picture but perhaps they also saw an opportunity that would benefit all parties. Miners could save up from electricity cost while both Michael and Elon can protect their investments completely eradicating the long standing issue against BTC mining.

[dkbit98]

I don't see anything wrong in having some kind of Bitcoin mining council unless they accept some freaking ofac regulated mining pools like Marathon, who is preparing to start mining in Texas with 73,000 new bitcoin miners!
They are talking same bullshit about carbon neutrality but accepting them in some council or following their example can seriously change how Bitcoin space will look in the future.
Marathon partnered with Compute North for this deal and they claim they will have 10.37 EH/s hashrate that would make them one of the biggest pool in the world (Chinese Antpool currently have around 24 EH/s hashrate).
We can also imagine the future with lower percentage of mining pools from China and higher from North American pools that would take Marathon even higher, and that can be very dangerous.
https://ir.marathondh.com/news-events/press-releases/detail/1243/correction----marathon-digital-holdings-announces-binding

[Lorence.xD]

No matter how much council we make if we continue using fossil fuel as a source for electricity, the efforts of mining council will be in vain to be honest. The world will still pollute the air with other pollutants and we can't do a thing about it, this mining isn't a green thing to do is just a good scapegoat for other power companies to continue using coal powered electricity.

Right, if we still have coals and a lot of pollutants as a main source of energy, this council won't do a dent. What we really need is for the government to take action in the fossil fuel crisis that will eventually cause the doom of our civilization if we continue to use it as an energy source. Also if we don't innovate on nuclear and renewable energy, we will not be able to fully transition from polluting energy towards clean energy.

[okae]

Well, don't be wrong with me, reduce the industry's greenhouse gas emissions is always a good idea, but (for me at least) this is just a Elon Musk movement trying to do things to "fatten up his wallet" even more than it is. .. greedy as hell, rich people should care more about other things and dont wasted his time on tweets and stupids things like that, if they do it is because they are trying to do other things ...

Funny that Elon is having so much power in cryptocurrency now and after causing FUD in the space and dragging the market down now trying to create an atmosphere that makes him looks like he truly cares about Bitcoin by involving in this move again trying to portray concern for Bitcoin. This guy is actually a snake.  

Agree, as i say, all the things he is doing is because he have "hidden intentions ..."

[ranochigo]

First of all, Bitcoin should not be influenced by an external party. Users should be able to choose what kind of Bitcoin that they want without having something else forced down their throats.

Bitcoin probably won't accept anything else other than PoW, the community won't take it neither will majority of the other miners. If you're talking about renewable energy, sure! Most miners can already switch to them if the tariffs are cheaper. There should never be anything that governs the miners; it basically does nothing as there is no repercussions from breaking any rules and there is a risk of centralization as well. Forming an organization like this can threaten and restrict how the miners operates, which is not great.

Like it or not, this is just Elon Musk trying to save his investments and avoid a bad financial report.

[zasad@]

https://cbeci.org/
Bitcoin network power(updated every 24 hours)

https://cbeci.org/cbeci/comparisons
Bitcoin mining has already ranked 33rd in the ranking of electricity consumption by countries
In the future, we will face these questions more than once, because electricity is becoming more expensive every year.

[hitsnorth]

He's doing what he wants and thinks right, I can't deny it. So i bet he really believes in what he's doing.

[Taskford]

Leading North American mining companies (such as ArgoBlockchain, Galaxy Digital, HiveBlockchain etc..) will form a ^{Bitcoin Mining Council} , the aim being to reduce the industry's greenhouse gas emissions. Such  initiative  was  announced after their weekend meeting with Elon Musk.

Should  this Council be considered as  Musk's attempt to rehabilitate himself  in the eyes of the community or he really wants to help?

Do you think musk really mean that since if there's no group created for this plans I will think about he is just hyping bitcoin back since he already bought bitcoin at tge dip and want to earn again for repetitive  doings. Maybe best to buy on what he is doing now to gain since market is now doing great after good hypes spread.

[Welsh]

First of all, Bitcoin should not be influenced by an external party. Users should be able to choose what kind of Bitcoin that they want without having something else forced down their throats.

Bitcoin probably won't accept anything else other than PoW, the community won't take it neither will majority of the other miners. If you're talking about renewable energy, sure! Most miners can already switch to them if the tariffs are cheaper. There should never be anything that governs the miners; it basically does nothing as there is no repercussions from breaking any rules and there is a risk of centralization as well. Forming an organization like this can threaten and restrict how the miners operates, which is not great.

Like it or not, this is just Elon Musk trying to save his investments and avoid a bad financial report.

I don't see Bitcoin being influenced by external parties here. Well, not too much. We should be adapting, and trying to fit within the world for our own benefit though, and while I guess there was influence on this happening, its probably for the better.

If we can prove that miners are using green energy instead of fossil fuels, it means that's one less attack vector that the news, and governments can use against us. We would actually be better than most industries that people use on the daily.

I'm all for improvement, regardless of the influencing factors.

[pawanjain]

Leading North American mining companies (such as ArgoBlockchain, Galaxy Digital, HiveBlockchain etc..) will form a ^{Bitcoin Mining Council} , the aim being to reduce the industry's greenhouse gas emissions. Such  initiative  was  announced after their weekend meeting with Elon Musk.

Should  this Council be considered as  Musk's attempt to rehabilitate himself  in the eyes of the community or he really wants to help?

Why now ? Miners have been mining bitcoin since genesis without any central point of contact. Now Elon Musk dived in and hosted a meeting between them.
May be Elon's intentions are good but what if it's not ?
What if the miners start doing what Elon says them to. This would lead to centralization and might cause trouble to the bitcoin network.
Elon has ditched bitcoin once and he can do it again. We have to be extremely cautious of what he is up to.

[ranochigo]

I don't see Bitcoin being influenced by external parties here. Well, not too much. We should be adapting, and trying to fit within the world for our own benefit though, and while I guess there was influence on this happening, its probably for the better.

Elon Musk withdrawing his support for Bitcoin after he supposedly found out that Bitcoin isn't clean is in a sense an external influence. Problem here is that he shouldn't be unaware of the environmental impacts of mining in the first place. Being critical of Bitcoin after he openly invested a billion dollars is questionable, either he is outright ignorant or has a certain agenda.
 

If we can prove that miners are using green energy instead of fossil fuels, it means that's one less attack vector that the news, and governments can use against us. We would actually be better than most industries that people use on the daily.

I'm all for improvement, regardless of the influencing factors.

You can't. Majority of the miners are not included in the set of miners that were supposedly included. Miners will use renewable energy if it makes sense; namely lower costs or being located in a suitable geographical location. Having less than 20% of the miners openly state that they're only using renewable energy is hardly helping, media will still perceive it as a frivolous use of electricity that could otherwise be used for other more productive purposes.

Derived carbon footprint from the electrical usage is not the only environmental impact Bitcoin mining has. Not sure why everyone is putting so much emphasis on that.

[hannahB4]

"Musk's attempt to rehabilitate himself in the eyes of the community or he really wants to help" what I am sure of is any of this is just for his advantage or what will yield to his own benefit after the whole thing. Everybody is working for his or her own profit and investment though

[snipie]

I don't see Bitcoin being influenced by external parties here. Well, not too much. We should be adapting, and trying to fit within the world for our own benefit though, and while I guess there was influence on this happening, its probably for the better.

Elon Musk withdrawing his support for Bitcoin after he supposedly found out that Bitcoin isn't clean is in a sense an external influence. Problem here is that he shouldn't be unaware of the environmental impacts of mining in the first place. Being critical of Bitcoin after he openly invested a billion dollars is questionable, either he is outright ignorant or has a certain agenda.

Like he doesn't know all the facts from the beginning. Bitcoin mining activity is well known and many articles compared its consumption to countries (like Argentina...)
Businessmen knows everything, studied markets dozens of times, calculated risks and benefits over and over. So yeah, he has his agenda.
Personally, I find moving green(er) is a good thing for the planet and for everyone. Just to mention that crypto are greener than the banking/actual financial system.