Bitcoin Mining Council debuts, critics slam carbon footprint | Business and Economic News

The energy used to mine cryptocurrencies is comparable to that of many developed countries, and comparable to the emissions of major fossil fuel users and producers, such as airlines and oil service companies.

after Bloomberg

The Bitcoin Mining Council made its official debut on Thursday, when the debate over the amount of energy used by cryptocurrencies became increasingly fierce.

“The Bitcoin Mining Council is a voluntary and open forum for Bitcoin miners dedicated to the network and its core principles,” Michael Saylor, CEO of MicroStrategy Inc., who helped form the association, wrote on Twitter. He added, “Join us”, and there is a praying hand emoji beside it.

After Tesla CEO Elon Musk used it as a reason to stop accepting Bitcoin as payment for the company’s cars, Seiler tried to calm his concerns about energy use. He has acquired Bitcoin as the enterprise software manufacturer. Business strategy. Musk later expressed support for the organization.

Senator Elizabeth Warren, Democrat of Massachusetts, attacked energy use during a Senate Banking Subcommittee hearing on Wednesday, which explored the problems of existing cryptocurrencies and whether the Federal Reserve should issue its own cryptocurrency. Later, in an interview with Bloomberg TV, she called cryptocurrency “an environmental disaster.”

The committee is a voluntary forum dedicated to the web and its core principles. Read its website. Nine companies including MicroStrategy, Galaxy Digital, and Darin Feinstein’s Blockcap are listed as founding members.

Crypto miners use a lot of computing power and energy to verify transactions on the blockchain. According to an analysis by the Bank of America, their energy use is comparable to that of many developed countries, and comparable to the emissions of major fossil fuel users and producers (such as airlines and oil service companies), although others disagree. , I think this is no worse than the carbon footprint of cars, power plants and factories.

In May of this year, Seiler convened the first informal meeting of some miners. Musk has no formal role in the group. Saylor said the miners agreed to set up a committee “to standardize energy reports.”

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