Micheal Saylor, a prominent name in the crypto market and a top official of MicroStrategy, said that the main purpose behind establishing the Bitcoin Mining Council was to reshape the narrative around the digital assets’ energy consumption.
While speaking at an event on Tuesday, Saylor went ahead to say that with the help of SpaceX founder Elon Musk and some American miners, to create an organization responsible for updating the energy consumption data. The council is supposed to use the data to address the serious concerns regarding the digital asset’s climate effect. He said,
It became pretty clear that bitcoiners have a good story, but it’s a pretty complicated story and we need to find a way to share our story.
In addition to that, he revealed that he teamed up with Elon Musk and as many as eight prominent BTC miners from North American to host a discussion on the currency’s energy consumption.
Reportedly, the council’s founding members represent only ten percent of the total hash rate – China leads in numbers despite the continuing government crackdown on miners. Meanwhile, Musk caused the market to crash following his flurry of tweets criticizing the assets’ energy consumption and announcing that Tesla would stop accepting BTC.
Micheal Saylor’s company, MicroStrategy, currently holds as many as 92,000 BTCs on its balance sheet. But on the other hand, the critics of the handful of investors described it as identical to the 2017’s New York Agreement, arguing that the details of the closed-door meeting were not made public.
But in his comments on Monday, the Argo Blockchain’s top official Peter Wall stated that the group has no plans to make any changes to the system. He said,
Everybody in that meeting, including Elon, are passionate believers in decentralization.
He further added that the main purpose behind the council’s creation is to manage the concerns of the people who are not informed on the new technology. Also, to make sure that the critics and skeptics of the digital token don’t shape the narrative.