Bitcoin Mining Council

What’s Next For Bitcoin Mining Council?

Bitcoin Mining Council

Last month, billionaire Elon Musk and MicroStrategy CEO Michael Saylor met with Bitcoin mining companies to form the Bitcoin Mining Council. The new council has officially held its first meeting. And it laid out its mission of promoting energy transparency, sustainable mining, and the benefits of Bitcoin.

“We are not trying to fix Bitcoin,” said Saylor, adding that the responsibility of the council is to provide a “sharing, cooperative and informative space [from which] people can learn the benefits of bitcoin mining.” 

Perianne Boring, president of the Chamber of Digital Commerce, highlighted the negative reporting of Bitcoin mining in recent months.  

“One thing that fuels public policy is the narratives in the media… A lot of it is not intellectually honest. When you have a number of stories and headlines, misinformation, false narratives, we will see reactions to that from a policy perspective,” Boring said during the meeting on Twitter Spaces.

However, the Bitcoin Mining Council (BMC) dispels any relationship with Tesla CEO Elon Musk, who suspended Bitcoin payments for Tesla last month. He was notably absent from the council’s conversation. “Elon Musk has no role at the BMC. The extent of his involvement was joining an education call with a group of North American companies to discuss Bitcoin mining,” according to its website. 

Saylor insisted that any Bitcoin miner can join the council: “It’s definitely not our agenda to provide any governance or any requirements or any rules because it’s not a governance council.”

Sichuan Province Orders Miners to Shut Down

Meanwhile, Chinese media reported that one of the crypto mining hubs in China’s Sichuan Province is shutting down mining operations. 

Sichuan’s Ya’an local government announced a crackdown on the Bitcoin mining businesses in the city. Measures include an indefinite suspension of power supply imposed on all mining businesses at 22:00 local time. According to another source, all crypto mining farms are ordered to shut down before June 25. 

Recently, other mining hubs in mainland China, including Inner Mongolia, Xinjiang, Qinghai and Yunnan, have launched stringent measures against crypto mining. 

China’s severe crackdown on Bitcoin mining and trading will kick off Bitcoin miners. And the market expects more miners are looking to Central Asia, Eastern Europe, and the United States. Texas can be an ideal destination, thanks to its abundance of solar and wind power, and its crypto-friendly political stance.

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