Home Cryptocurrency New Bitcoin Mining Council Formed to Fight “Energy FUD”

New Bitcoin Mining Council Formed to Fight “Energy FUD”

by Serge Shlykov

The bitcoin mining community is growing increasingly divided, as the global hash rate continues to increase and bitcoin mining moves into the server farms of large mining operations.

China has just formed a non-profit organization to fight and combat what they call “energy FUD”, which is a fancy term for the opposite of FUD. “Energy FUD” is basically the idea that Bitcoin mining is more power intensive than it really is. This is, of course, not true, but the Chinese government is worried that this could somehow be their chance to slow down Bitcoin mining.

If you’re sick of hearing about “the energy crisis”, you definitely won’t have been for very long. But there is a serious crisis facing the cryptocurrency community. One that could largely be solved by Bitcoin miners. And the latest developments in this tension between miners and GPU manufacturers is a new council designed to address this problem.

Bitcoin cabal

There was a big bitcoin meeting the other day that everyone seems to be talking about. All the big boys were there. The obvious complaint from many on social media about this was that we were not invited. Bitcoin is an open protocol where all parties have a say in any new direction it might take, so meetings behind closed doors are usually not held. Some of you may remember the famous New York deal of 2017, where Bitcoin miners got together and agreed to a protocol change known as SegWit2x to scale the network. This failed when the world learned that it is not the miners who control the code. That’s it. From miners to wallet providers, node operators and even ordinary consumers, we all have a stake and a say. Overall, the offerings from Sailor and her gang aren’t too bad. Bitcoin’s energy consumption, and in particular the percentage of energy from renewable sources, has been in the news a lot lately. Therefore, the fact that mining companies voluntarily issue public reports on this issue is a good thing, as long as they do not try to impose changes to the protocol without first reaching a broad consensus within the network. As you can see, it is very likely that the hash rate in China will drop, which is good because it will reduce the number of claims by critics that bitcoin mining is centralized and possibly controlled by the Jinping regime. This is good news, and it is reflected in the price, which is bouncing off the lows.

Official mischief

Yesterday, a number of Federal Reserve officials spoke about inflation and the direction they believe the economy is headed. While this goes against the predictions of many economists, the Fed agrees that inflation will be temporary. As far as I know, no real reason has been given as to why they think inflation will pass us by and disappear quickly, but the bond markets seem to be taking their rhetoric at face value. This development strengthens their echo chamber and encourages them to continue their large-scale revival. In short, the printing of money continues.The Bitcoin mining industry has been under a lot of pressure lately, especially from those who claim the energy used by the miners is a major driver of climate change.. Read more about bitcoin mining electricity cost calculator and let us know what you think.

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