The members of the Bitcoin Mining Council have been officially confirmed, but Elon Musk isn’t part of it.
The Bitcoin Mining Council was first announced by Musk and Michael Saylor of MicroStrategy in May, and it has an important mission, which is to “promote transparency, share best practices, and educate the public on the benefits of Bitcoin and Bitcoin mining.”
As of now, some important US-based Bitcoin companies have joined the roster, such as crypto mining firms like Riot and Argo but also New York’s Galaxy Digital.
On Thursday, Saylor tweeted new details regarding the group: all Bitcoin miners are able to join as long as they support the mandate, for the first 12 months all related expenses will be taken care of by the founding members, and the council will focus on Bitcoin’s energy usage, which is seen as “a feature, not a bug.”
Elon Musk was expected to be part of the group, but that was before he returned to his old Dogecoin ways.
It’s hard to tell exactly what Musk is missing since the Bitcoin Mining Council did make its goals public, but it hasn’t revealed an actual plan for anything.
One thing that we can see as a target is convincing Bitcoin mining units to report exactly where they receive their electricity from, which is probably done so that it can show the mainstream that Proof-of-Work isn’t the waste people think it is.
“The [Bitcoin Mining Council] believes that Bitcoin’s energy usage is a feature, not a bug, and provides tremendous network security. By providing a voluntary disclosure forum, miners can decide to share their energy sources, in hopes of promoting transparency.”
But, at least up until now, the group hasn’t been very explicit, only saying “We’re all trying to contribute and build a decentralized economy” and mentioning that it doesn’t plan on telling other entities what they should do.
Source: Protos.com