Beautiful Virgin Islands

Monday, Oct 06, 2025

Michael Saylor: Bitcoin Mining Council Is Set To Manage Concerns of BTC Energy Usage

Michael Saylor: Bitcoin Mining Council Is Set To Manage Concerns of BTC Energy Usage

The 'Bitcoin Mining Council' aims to “manage concerns, especially from uninformed parties” about the cryptocurrency’s energy usage, said Microstrategy CEO and bitcoin advocate Michael Saylor.

The ‘Bitcoin Mining Council’ aims to “manage concerns, especially from uninformed parties” about the cryptocurrency’s energy usage, said Microstrategy CEO and bitcoin advocate Michael Saylor.

The Bitcoin Mining Council was born of a desire to help shape the narrative around the cryptocurrency’s energy use, said MicroStrategy CEO Michael Saylor.

Speaking Tuesday at CoinDesk’s Consensus 2021, the bitcoin (BTC) evangelist said he worked with Tesla CEO Elon Musk and a handful of North American miners to create a loose organization that could publish energy usage data in an effort to address concerns that the cryptocurrency is not environmentally friendly.

“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,” he said.

Saylor said he connected Musk with the eight North American bitcoin miners to host a discussion around energy usage. (The founding members represent an estimated 10% of the hashrate, or computing power securing the Bitcoin network; most of the world’s hashrate comes out of machines in China. No additional members have been announced since Saylor announced the council’s formation Monday.) Musk sent bitcoin’s price plummeting this month after announcing his carmaker would no longer accept bitcoin as payment due to energy concerns.

“He thought we would all benefit if we were able to publish energy usage and source of energy usage data,” Saylor said Tuesday.

This is not information that the crypto industry currently shares, Saylor said, which allows other parties to create their own models which may be less flattering to the cryptocurrency industry.

Saylor, who is known for speaking of the benefits of bitcoin as he added over 92,000 BTC to his company’s balance sheet, raised the ire of the community on Monday by announcing that he hosted fellow billionaire Musk and a handful of mining firms in forming the Bitcoin Mining Council.

Critics likened the move to the ill-fated New York Agreement of 2017, a closed-door group that sought to influence how bitcoin scaled. Sunday’s closed-door session of bitcoin miners seeking to change how network participants report their energy use wasn’t made public until after the fact, showing a lack of “self-awareness,” wrote Great American Mining co-founder Marty Bent.

However, Peter Wall, CEO of council member Argo Blockchain, said Monday the group does not plan to change any aspect of the bitcoin ecosystem, just address environmental concerns.

“I think Elon’s first-order ask was ‘hey, can we come up with a way to publish or [boost] transparency for bitcoin mining energy usage,’” Saylor said Tuesday. “I think the first step is, let’s come up with a protocol for us to publish energy information in a way that we can share it with the world and then work together to make sure that we pursue sustainable energy goals.”

If Saylor and Musk intended to secretly try to control bitcoin with a private meeting, they wouldn’t have announced the meeting’s existence to the world, Saylor said.

“Everybody in that meeting, including Elon, are passionate believers in decentralization,” Saylor said.

The group is more interested in “managing concerns, especially from uninformed parties,” about bitcoin’s energy usage, the CEO said.

“We need to make sure that people that are hostile to bitcoin and hostile to the crypto industry aren’t defining these narratives and defining those models and defining those metrics,” he said. “In the absence of any good information or any response on our part, they will define those models.”

Source: Saylor: Bitcoin Mining Council Is Set To Manage Concerns of BTC Energy Usage – Fintechs.fi

Newsletter

Related Articles

Beautiful Virgin Islands
0:00
0:00
Close
Munich Airport Reopens After Second Drone Shutdown
France Names New Government Amid Political Crisis
Trump Stands Firm in Shutdown Showdown and Declares War on Drug Cartels — Turning Crisis into Opportunity
Surge of U.S. Billionaires Transforms London’s Peninsula Apartments into Ultra-Luxury Stronghold
Pro Europe and Anti-War Babiš Poised to Return to Power After Czech Parliamentary Vote
Jeff Bezos Calls AI Surge a ‘Good’ Bubble, Urges Focus on Lasting Innovation
Japan’s Ruling Party Chooses Sanae Takaichi, Clearing Path to First Female Prime Minister
Sean ‘Diddy’ Combs Sentenced to Fifty Months in Prison Following Prostitution Conviction
Taylor Swift’s ‘Showgirl’ Launch Extends Billion-Dollar Empire
Trump Administration Launches “TrumpRx” Plan to Enable Direct Drug Sales at Deep Discounts
Trump Announces Intention to Impose 100 Percent Tariff on Foreign-Made Films
Altman Says GPT-5 Already Outpaces Him, Warns AI Could Automate 40% of Work
Singapore and Hong Kong Vie to Dominate Asia’s Rising Gold Trade
Trump Organization Teams with Saudi Developer on $1 Billion Trump Plaza in Jeddah
Manhattan Sees Surge in Office-to-Housing Conversions, Highest Since 2008
Switzerland and U.S. Issue Joint Assurance Against Currency Manipulation
Electronic Arts to Be Taken Private in Historic $55 Billion Buyout
Thomas Jacob Sanford Named as Suspect in Deadly Michigan Church Shooting and Arson
Russian Research Vessel 'Yantar' Tracked Mapping Europe’s Subsea Cables, Raising Security Alarms
New York Man Arrested After On-Air Confession to 2017 Parents’ Murders
U.S. Defense Chief Orders Sudden Summit of Hundreds of Generals and Admirals
Global Cruise Industry Posts Dramatic Comeback with 34.6 Million Passengers in 2024
Trump Claims FBI Planted 274 Agents at Capitol Riot, Citing Unverified Reports
India: Internet Suspended in Bareilly Amid Communal Clashes Between Muslims and Hindus
Supreme Court Extends Freeze on Nearly $5 Billion in U.S. Foreign Aid at Trump’s Request
Archaeologists Recover Statues and Temples from 2,000-Year-Old Sunken City off Alexandria
China Deploys 2,000 Workers to Spain to Build Major EV Battery Factory, Raising European Dependence
Speed Takes Over: How Drive-Through Coffee Chains Are Rewriting U.S. Coffee Culture
U.S. Demands Brussels Scrutinize Digital Rules to Prevent Bias Against American Tech
Ringo Starr Champions Enduring Beatles Legacy While Debuting Las Vegas Art Show
Private Equity’s Fundraising Surge Triggers Concern of European Market Shake-Out
Colombian President Petro Vows to Mobilize Volunteers for Gaza and Joins List of Fighters
FBI Removes Agents Who Kneeled at 2020 Protest, Citing Breach of Professional Conduct
Trump Alleges ‘Triple Sabotage’ at United Nations After Escalator and Teleprompter Failures
Shock in France: 5 Years in Prison for Former President Nicolas Sarkozy
Tokyo’s Jimbōchō Named World’s Coolest Neighbourhood for 2025
European Officials Fear Trump May Shift Blame for Ukraine War onto EU
BNP Paribas Abandons Ban on 'Controversial Weapons' Financing Amid Europe’s Defence Push
Typhoon Ragasa Leaves Trail of Destruction Across East Asia Before Making Landfall in China
The Personality Rights Challenge in India’s AI Era
Big Banks Rebuild in Hong Kong as Deal Volume Surges
Italy Considers Freezing Retirement Age at 67 to Avert Scheduled Hike
Italian City to Impose Tax on Visiting Dogs Starting in 2026
Arnault Denounces Proposed Wealth Tax as Threat to French Economy
Study Finds No Safe Level of Alcohol for Dementia Risk
Denmark Investigates Drone Incursion, Does Not Rule Out Russian Involvement
Lilly CEO Warns UK Is ‘Worst Country in Europe’ for Drug Prices, Pulls Back Investment
Nigel Farage Emerges as Central Force in British Politics with Reform UK Surge
Disney Reinstates ‘Jimmy Kimmel Live!’ after Six-Day Suspension over Charlie Kirk Comments
U.S. Prosecutors Move to Break Up Google’s Advertising Monopoly
×