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Elon Musk will not be part of the Bitcoin Mining Council

Photo of: Joseph Stone
by Joseph Stone

A group of Bitcoin miners determined to rehabilitate Bitcoin, the Bitcoin Mining Council prefers to do without Musk and his devastating tweets.

Between the Bitcoin community and Elon Musk, it’s not exactly love at first sight. The billionaire and Tesla boss had however managed to attract the favor of the cryptocurrency world by accepting BTC as a means of payment.

The manufacturer also invested $1.5 billion in Bitcoin. Afterwards, Musk broke with the first of the cryptocurrencies, denouncing its energy consumption. Several of his tweets caused Bitcoin’s price to plummet.

The Bitcoin Mining Council is determined to improve the green image of the crypto, so it prefers to do without him and thus limit the risks of seeing his messages sink the price of BTC a little more. As a reminder, this council brings together the main North American miners.

And if this initiative involved Elon Musk at the beginning, at the request of Michael Saylor, CEO of MicroStrategy and Bitcoin whale, the rest of the adventure will be without him. The Bitcoin Mining Council wants to make that known.

Michael Saylor continues his involvement with the Council. With billions of dollars in cash invested in Bitcoin, it is unlikely that the leader will post anything on Twitter that could impact its price.

Saylor describes the Council as “a voluntary and open forum of Bitcoin miners committed to the network and its core principles. “His speech is therefore positive. Thus, “We promote transparency, share best practices and educate the public about the benefits of Bitcoin and Bitcoin mining. “

Miners will have their work cut out for them to rehabilitate BTC. It is based on a Proof-of-Work consensus, which requires a lot of computing power and therefore energy. Its consumption exceeds that of countries like Norway.

This is the official reason why Tesla broke with Bitcoin. The manufacturer, concerned about its environmental image, was under pressure.

“We are concerned about the rapid increase in the use of fossil fuels for Bitcoin mining and transactions, particularly coal, which produces the worst emissions of any fuel,” Musk wrote on May 12.

As usual, the executive then became ambiguous, raising fears of the sale of his billion dollars in Bitcoin, before finally denying it. Musk later pressed the point, suggesting in a tweet a break with BTC.

The result was not long in coming. From a high of $39,200 before Elon Musk’s speech, Bitcoin fell below $37,000. This represented a drop of almost 6% in a few hours.