Bitcoin Mining Council Talks About Negative Media Narratives In Its First Meeting

The CEO of MicroStrategy, Michael Saylor, signalled that he had summoned a conference among the North American Bitcoin miners for the promotion of transparency and renewable energy. Currently, the first meeting has been held by the BMC (Bitcoin Mining Council) about which everyone knows very well through social media platforms.

The members of the council were more focused on the informational angle rather than the real concerns surrounding the network. During the 90 minute meeting, the subjects like China’s hash rate drop, failure in imposing the mining moratorium in New York, and flare mining were discussed by the members.

The Bitcoin Mission and Public Acceptance

Jamie Leverton, the CEO of Hut 8 Mining (a member organization), announced the mission of the council by saying that core principles of the network include promotion of transparency, a commitment to educating people on the outcomes of Bitcoin mining, and an intention to make the system more decentralized.

Saylor commented that the members of the council stand with the Bitcoin network, although they might argue for the utilization of renewable energy to get at their expectations or feel bad about the ill narratives targeting the transparency. He added that a joint fellowship would bind all of them together with the network.

The publication of the latest findings on behalf of the council is expected by Saylor for making forecasts about the network. Even then, it is up to the members. It implies that the proposed model of the network may not present its complete picture.

A common issue

The CEO of Avanti (a digital asset bank), Caitlin Long, has condemned Saylor and the members of his council for being involved in public firms. As a result of no check and balance over the larger firms to avoid influencing the smaller miners, the public firms are compelled to be undermined by the wants of the big members.

Till yet, no formal plan for avoiding the creation of a block to change the network has been finalized in any conversation, according to Saylor.

Saylor started by mentioning his long practice, like a CEO in a public trade company that the wants of the broad members are not that much important as is the media narrative which is developing fear and it would create barriers by influencing the political development.

It was emphasized by Saylor that threats are not internal rather external. There is a need for cooperation among the decentralized entities, institutions, and exchanges to counter the outer threats.

Leave a Reply

Your email address will not be published. Required fields are marked *