Bitcoin Mining Council debuts as critics blast carbon footprint

The energy used to mine cryptocurrencies is comparable to that of many developed countries and rivals emissions from major fossil-fuel users and producers such as airlines and oil-services firms.

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

“The Bitcoin Mining Council is a voluntary and open forum of bitcoin miners committed to the network and its fundamentals,” Microstrategy Inc. CEO Michael Sayer, who helped form the association, wrote on Twitter. He added a “join us” with a prayer-hands emoji.

Saylor, which has made bitcoin the enterprise software maker’s business strategy, has been accused of using energy after Tesla Inc CEO Elon Musk cited it as a reason to stop accepting bitcoin as payment for the company’s cars. sought to remove the concern about Musk later expressed support for the group.

Massachusetts Democratic Senator Elizabeth Warren blasted energy use Wednesday while presiding over a hearing of the Senate Banking Subcommittee that explored issues with existing cryptocurrencies as well as their issuance to the US Federal Reserve. Later in a Bloomberg TV interview, he called cryptocurrencies “an environmental disaster.”

The council is a voluntary forum committed to the network and its core principles, its website reads. Nine companies are listed as founding members, including MicroStrategy, Galaxy Digital and Darin Feinstein’s Blockcap.

Crypto miners use large amounts of computing power and energy to verify transactions on the blockchain. According to an analysis by Bank of America Corp, their energy use is comparable to the emissions of many developed countries and rivals that of major fossil-fuel users and producers such as airlines and oil-services firms, though others dispute, arguing that cars , no worse than the carbon footprint of power plants and factories.

Sailor called the first informal meeting of some of the miners in May. Musk has no formal role in the group. Sailor agreed to form a council of miners “to standardize energy reporting”.


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