{"id":465861,"date":"2021-06-18T17:30:39","date_gmt":"2021-06-18T17:30:39","guid":{"rendered":"https:\/\/wncen.com\/?p=465861"},"modified":"2024-06-11T13:56:28","modified_gmt":"2024-06-11T13:56:28","slug":"bitcoin-mining-council","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/bitcoin-mining-council\/","title":{"rendered":"Bitcoin Mining Council: We Need To Tackle Negative Media Narratives"},"content":{"rendered":"

The Bitcoin Mining Council<\/a> has publicized its aim to tackle negative media narratives.<\/p>\n

In its inaugural meeting which was hosted on Twitter Spaces, the council discussed bad press that has been surrounding Bitcoin and its mining in the past weeks. The China crackdown has led to the shut down of a number of mining farms. Mining has been restricted in regions like Inner Mongolia and miners are having to look for new places to set up operations in the meantime.<\/p>\n

Concerns over energy consumption and pollution from mining activities have been rocking the space for a while. People have called for there to be more options for green and efficient Bitcoin mining. Movement from fossil fuel energy to more sustainable energy like hydropower for mining activities have been strongly encouraged.<\/p>\n

Related Reading | MicroStrategy Sells $500 Million Notes To Buy Bitcoin<\/a><\/strong><\/em><\/p>\n

In light of these issues, Michael Saylor<\/a>, CEO of MicroStrategy, formed the council with other prominent members in the space.<\/p>\n

Bitcoin Mining Council Mandate<\/h2>\n

Saylor had created the council in response to ongoing debates about Tesla accepting Bitcoin payments. The debates were mostly about if Tesla had examined the energy expenditures involved with Bitcoin mining before making such a move.<\/p>\n

With prominent founders such as Galaxy, Riot, MicroStrategy, and a host of others, a lot of attention was on the first BMC meeting to see what the outcome would be.<\/p>\n

The council which was announced about a month ago held its first official meeting on Twitter yesterday. The meeting was open to the public and anyone could join in. With over 7,000 listeners in attendance, the council went on to outline the council\u2019s objectives.<\/p>\n

\"Bitcoin<\/p>\n

Bitcoin price chart | Source: BTCUSD on TradingView.com<\/a><\/pre>\n
The Bitcoin Mining Council (BMC) stated that its purpose is not to be a regulating body of any kind. They are not here to tell anybody what to do. It is to be a forum that is open to all miners. There is no fee required to join. The members just have to agree to be transparent about their energy mix and hash rate sizes for research and educational purposes.<\/p>\n
Its mandate is to promote transparency, share best practices, and educate the public on the benefits of Bitcoin and Bitcoin mining, according to the website<\/a>.<\/p>\n
Curbing Negative Media Narratives<\/h2>\n
Talking about the negative press that has been surrounding mining, the members focused on getting ahead of the media.<\/p>\n
There were also issues regarding whether public companies involvement would be good or bad for mining. Not wanting smaller operations to get swallowed up by bigger ones and discouraging people from getting into it.<\/p>\n
CEO Michael Saylor was less concerned about board members or activists pressures. Highlighting that he was more worried about negative media narratives around Bitcoin mining might influence political decisions. This, he believes, would create real barriers to entry in some jurisdictions<\/p>\n
Related Reading | Billionaire Tim Draper: Bitcoin Will Reach $250,000 By The End Of 2022<\/a><\/strong><\/em><\/p>\n
Saylor is quoted saying, \u201cYou could be a maximalist and say I\u2019m against organization as a matter of philosophy, but if you get sued by a multibillionaire that wants to sue an individual Bitcoin developer and you get buried in $10 million in legal fees, you\u2019ll be wishing that there was an organized legal defense fund for you. Basically, we can\u2019t expect to succeed if we\u2019re disorganized.\u201d<\/p>\n
This raised major points as to why the council is needed. It could act a form of protection for smaller miners. Having basically a coalition behind them should any issues arise that they are too small to handle or ill-prepared for.<\/p>\n
According to Saylor, the BMC is not here to fix Bitcoin. It\u2019s simply here to protect it from the people who misunderstand it. The BMC wants to help keep the negative narratives from influencing political decisions against Bitcoin.<\/p>\n
Featured image from Bitcoin Mining Council, chart from TradingView.com<\/pre>\n","protected":false},"excerpt":{"rendered":"
The Bitcoin Mining Council has publicized its aim to tackle negative media narratives. In its inaugural meeting which was hosted on Twitter Spaces, the council discussed bad press that has been surrounding Bitcoin and its mining in the past weeks. The China crackdown has led to the shut down of a number of mining farms. Mining has been restricted in regions like Inner Mongolia and miners are having to look for new places to set up operations in the meantime. Concerns over energy consumption and pollution from mining activities have been rocking the space for a while. People have called for there to be more options for green and efficient Bitcoin mining. Movement from fossil fuel energy to more sustainable energy like hydropower for mining activities have been strongly encouraged. Related Reading | MicroStrategy Sells $500 Million Notes To Buy Bitcoin In light of these issues, Michael Saylor, CEO of MicroStrategy, formed the council with other prominent members in the space. Bitcoin Mining Council Mandate Saylor had created the council in response to ongoing debates about Tesla accepting Bitcoin payments. The debates were mostly about if Tesla had examined the energy expenditures involved with Bitcoin mining before making such a move. With prominent founders such as Galaxy, Riot, MicroStrategy, and a host of others, a lot of attention was on the first BMC meeting to see what the outcome would be. The council which was announced about a month ago held its first official meeting on Twitter yesterday. The meeting was open to the public and anyone could join in. With over 7,000 listeners in attendance, the council went on to outline the council\u2019s objectives. Bitcoin price chart | Source: BTCUSD on TradingView.com The Bitcoin Mining Council (BMC) stated that its purpose is not to be a regulating body of any kind. They are not here to tell anybody what to do. It is to be a forum that is open to all miners. There is no fee required to join. The members just have to agree to be transparent about their energy mix and hash rate sizes for research and educational purposes. Its mandate is to promote transparency, share best practices, and educate the public on the benefits of Bitcoin and Bitcoin mining, according to the website. Curbing Negative Media Narratives Talking about the negative press that has been surrounding mining, the members focused on getting ahead of the media. There were also issues regarding whether public companies involvement would be good or bad for mining. Not wanting smaller operations to get swallowed up by bigger ones and discouraging people from getting into it. CEO Michael Saylor was less concerned about board members or activists pressures. Highlighting that he was more worried about negative media narratives around Bitcoin mining might influence political decisions. This, he believes, would create real barriers to entry in some jurisdictions Related Reading | Billionaire Tim Draper: Bitcoin Will Reach $250,000 By The End Of 2022 Saylor is quoted saying, \u201cYou could be a maximalist and say I\u2019m against organization as a matter of philosophy, but if you get sued by a multibillionaire that wants to sue an individual Bitcoin developer and you get buried in $10 million in legal fees, you\u2019ll be wishing that there was an organized legal defense fund for you. Basically, we can\u2019t expect to succeed if we\u2019re disorganized.\u201d This raised major points as to why the council is needed. It could act a form of protection for smaller miners. Having basically a coalition behind them should any issues arise that they are too small to handle or ill-prepared for. According to Saylor, the BMC is not here to fix Bitcoin. It\u2019s simply here to protect it from the people who misunderstand it. The BMC wants to help keep the negative narratives from influencing political decisions against Bitcoin. Featured image from Bitcoin Mining Council, chart from TradingView.com<\/p>\n","protected":false},"author":541,"featured_media":465862,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[428,640,83752,1119,1144,78790,1504,83344,81299,2990,79520,79589],"class_list":["post-465861","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-bitcoin-mining","tag-bitcoin-mining-council","tag-btc","tag-btcusd","tag-btcusdt","tag-council","tag-michael-saylor","tag-microstrategy","tag-mining","tag-xbtcusd","tag-xbtusd-btcusdt"],"acf":[],"yoast_head":"\nBitcoin Mining Council: We Need To Tackle Negative Media Narratives<\/title>\n<meta name=\"description\" content=\"The Bitcoin Mining Council has publicized its aim to tackle negative media narratives. 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This has seen Best dive into topics in areas such as decentralized finance (DeFi), non-fungible tokens (NFTs), Layer 2 blockchains, etc. In addition to this, Best is a vocal member of the crypto community across various social media platforms such as X and Reddit. Best\u2019s work garners tens of thousands of readers monthly, who rely on the information in these publications to keep up-to-date with everything happening in the crypto community. Best\u2019s articles explore breaking news, intricate systems such as yield farming, liquidity pools, and other decentralized finance (DeFi) systems. This is because Best understands the importance of information to gaining financial freedom and believes that everyone should have access to this information. Best also believes in leveraging the blockchain for philanthropy to create the most positive social impact. This involves work with charitable organizations focused on financial literacy and education. With each article, Best lends a voice to important issues such as a more financially inclusive future, transparent systems for growth and development, and technology that is not self-serving but one that serves all of humanity. When not curating engaging content, Best can be found reading a book with a cup of hot chocolate, enjoying a Netflix series, or exploring the outdoors with Green - the world\u2019s most quiet and well-behaved Husky. Best\u2019s interests also span other industries such as art, finance, and security, attending seminars and conferences in not just the crypto industry but other industries as well. As an animal lover, Best is also involved with charities for animals, local shelters, and rescues. Best is also involved in local events that promote inclusivity, such as being a prominent member of hiking clubs and a cycling club, as well as being a part of a very happy group of animal lovers. Best is a true professional in every sense of the word, with an exceptional dedication to producing high-quality work. This shines through in Best's work on and off the clock. These include advocating for inclusive crypto education for all, the impact of financial illiteracy, and the benefits of adopting new technologies such as cryptocurrencies. Best\u2019s prolific career in the media industry is a testament of how hard work and dedication pays.","sameAs":["https:\/\/www.linkedin.com\/in\/best-owie-41a150178\/","https:\/\/x.com\/https:\/\/twitter.com\/BestOwie"],"url":"https:\/\/wncen.com\/author\/owiebest\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Bitcoin Mining Council: We Need To Tackle Negative Media Narratives","url":"http:\/\/wncen.com\/news\/bitcoin-mining-council\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/wncen.com\/news\/bitcoin-mining-council\/"},"thumbnailUrl":"https:\/\/wncen.com\/wp-content\/uploads\/2021\/06\/Bitcoin-Mining-Council.png?resize=200%2C183","image":{"@type":"ImageObject","url":"https:\/\/wncen.com\/wp-content\/uploads\/2021\/06\/Bitcoin-Mining-Council.png?fit=276%2C183"},"articleSection":"Cryptocurrency Market News","author":[{"@type":"Person","name":"Best Owie"}],"creator":["Best Owie"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/wncen.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["bitcoin","bitcoin mining","bitcoin mining council","btc","btcusd","btcusdt","council","michael saylor","microstrategy","mining","xbtcusd","xbtusd. btcusdt"],"dateCreated":"2021-06-18T17:30:39Z","datePublished":"2021-06-18T17:30:39Z","dateModified":"2024-06-11T13:56:28Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Bitcoin Mining Council: We Need To Tackle Negative Media Narratives\",\"url\":\"http:\\\/\\\/wncen.com\\\/news\\\/bitcoin-mining-council\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/wncen.com\\\/news\\\/bitcoin-mining-council\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2021\\\/06\\\/Bitcoin-Mining-Council.png?resize=200%2C183\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2021\\\/06\\\/Bitcoin-Mining-Council.png?fit=276%2C183\"},\"articleSection\":\"Cryptocurrency Market News\",\"author\":[{\"@type\":\"Person\",\"name\":\"Best Owie\"}],\"creator\":[\"Best Owie\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"bitcoin\",\"bitcoin mining\",\"bitcoin mining council\",\"btc\",\"btcusd\",\"btcusdt\",\"council\",\"michael saylor\",\"microstrategy\",\"mining\",\"xbtcusd\",\"xbtusd. btcusdt\"],\"dateCreated\":\"2021-06-18T17:30:39Z\",\"datePublished\":\"2021-06-18T17:30:39Z\",\"dateModified\":\"2024-06-11T13:56:28Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/wncen.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/wncen.com\/wp-content\/uploads\/2021\/06\/Bitcoin-Mining-Council.png?fit=276%2C183","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/465861"}],"collection":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/users\/541"}],"replies":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/comments?post=465861"}],"version-history":[{"count":0,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/465861\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media\/465862"}],"wp:attachment":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media?parent=465861"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/categories?post=465861"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/tags?post=465861"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}