While most mining occurs in Asia, North America has seen a boom in mining activity recently, as the price of bitcoin has risen. The Bitcoin Mining Council, which was formed by executives from two of the largest mining pools in North America, aims to represent miners, and raise awareness of the issues that miners face. The council hopes that by educating the public about the issues they face, they can improve the image of mining and help the average person to: understand that they provide a valuable service to the network, and act as a counterbalance to the often negative press that surrounds cryptocurrency. In addition to covering Bitcoin, the blog also covers Ethereum, Zcash, Dash, Decred, Litecoin, Dogecoin, and Monero.
No matter how you feel about cryptocurrency, you can’t deny the fact that bitcoin has pushed blockchain technology into the mainstream. People who were once unfamiliar with blockchain are now thinking about how they can use it to improve their business.
The Bitcoin Mining Council, a newly formed organization of cryptocurrency miners in North America, has elected Tesla founder Elon Musk as its vice president, according to a report by CoinDesk. The announcement follows a series of meetings aimed at establishing a unified voice for miners as governments and businesses worldwide continue to develop policies and regulatory frameworks for cryptocurrencies. The council plans to hold an annual meeting with the World Bitcoin Mining Association in Washington, D.C., a venue that members hope will help establish their industry as a legitimate enterprise.. Read more about bitcoin price and let us know what you think.While bitcoin miners in China recover from the effects of the country’s recent attack on crypto-currency, miners on the other side of the world are reportedly forming a new organization to promote sustainable mining. The case involves North American mining companies, Bitcoin companies and Tesla CEO Elon Musk himself. I have spoken to North American bitcoin miners. They have pledged to make public their current and planned use of renewables and are urging WW miners to do the same, Musk said in a tweet this morning. Potentially promising, he added. I have spoken to North American bitcoin miners. They have committed to publish data on current and planned renewable energy use and are asking WW mine operators to do the same. Potentially promising. – Elon Musk (@elonmusk) May 24, 2021
Bitcoin energy problem
For the uninitiated, mining uses a huge computer system that performs millions of complex calculations per second to validate transactions on the Bitcoin network (a process known as proof of work). However, this requires an enormous amount of energy for maintenance, cooling and operation of the machines. But some argue that coal as an energy source and fossil fuel producers leave a large carbon footprint and seem to do little good for the world. The above has become a public relations challenge for companies. Most institutional investors seem to be aware of the benefits of owning bitcoin (or other major cryptocurrencies), but the resulting climate damage is a problem. Tesla, the electric car company led by Musk, is a prime example. The company began accepting bitcoin as payment for its cars earlier this year, but said a few weeks later that it was discontinuing the service because of bitcoin’s environmental impact.
The proposed solution offers a simple way out: Use renewable energy or energy from waste to mine bitcoins, and theoretically reduce the alleged climate problem. And some major North American mining companies are already on board: Sustainability has always been a priority for Argo’s mining operations, and the newly formed Bitcoin Mining Council is the next logical step to help the industry transition to renewable energy sources, Peter Wall, CEO of Argo Blockchain, said in a statement to . Wall added: I enjoyed talking with Elon Musk about these issues over the weekend and look forward to working with Michael Saylor and other North American mining industry leaders to secure the future of an industry that collectively needs to improve sustainable mining practices and take ESG issues seriously. Bitcoin mining would consume more electricity than all of Argentina. But that can change quickly.
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The North American Bitcoin Mining Council has been formed to “provide a unified voice for North American miners.” Tokenhub reports that the council’s goal is to “increase the worldwide availability of BTC and other cryprocurrency mining capacity,” and that the council is “helping operators and investors to extract the maximum value from the North American market,” according to a statement on its website. The council has already established its first goal, which is to “work with the government to introduce mining friendly regulations and reduce barriers to entry.”. Read more about elon musk bitcoin tweet and let us know what you think.
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