Bitcoin Mining Council debuts as critics blow up carbon footprint | Current Affairs in Commerce and Economics

The energy used for cryptocurrency mining is comparable to that of many developed countries and rivals emissions from major fossil fuel users and from producers such as airlines and oil service companies.

Di Bloomberg

The Bitcoin Mining Council made its formal debut Thursday amid a growing debate over the amount of energy used in cryptocurrencies.

“The Bitcoin Mining Council is a voluntary and open forum of Bitcoin miners engaged in the network and its fundamental principles,” wrote on Twitter the Chief Executive Officer of MicroStrategy Inc., Michael Saylor, who helped form the association. He added, “Join us,” alongside a hands-on emoji in prayer.

Saylor, who has made the acquisition of Bitcoin a business strategy of the enterprise software maker, has sought to lower concerns about energy use after the CEO of Tesla Inc. Elon Musk cited it as a reason to stop accepting Bitcoin as payment for the company’s cars. Musk later expressed his support for the group.

Democratic Sen. Elizabeth Warren of Massachusetts on Wednesday exploited energy use while presiding over a hearing of the Senate Banking Subcommittee that explored issues with existing cryptocurrencies and also the U.S. Federal Reserve. should publish its own. Later in an interview with Bloomberg TV, he called cryptocurrencies “an environmental disaster.”

The council is a volunteer forum engaged in networking and its core principles, read its website. Nine companies, including Darin Feinstein’s MicroStrategy, Galaxy Digital and Blockcap, are listed as founding members.

Crypto miners use vast sums of computing power and energy to verify transactions on the blockchain. Its energy use is comparable to that of many developed countries and rivals the emissions of major fossil fuel users and producers such as airlines and oil service companies, according to an analysis by Bank of America Corp. , although others dispute that, arguing that it is no worse than the carbon footprint of cars, power plants and factories.

Saylor had convened the first informal meeting of some of the miners in May. Musk does not have a formal role in the group. The miners agreed to form the council “to standardize energy signaling,” Saylor said

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