- The formation of the BTC council followed Musk’s decision to dismiss Bitcoin payments at Tesla Inc in mid-May.
- The Bitcoin mining council has made clear on its website, Elon Musk, the SpaceX and Tesla CEO, only joined an educational call to discuss BTC mining therefore, he has no relation with the mining council.
Musk and BTC mining council
On May 23rd, MicroStrategy boss hosted popular cryptocurrency influencer Elon Musk and the American Bitcoin Mining Council in a common conference. The meeting resulted in the formation of the Bitcoin mining council.
The formation of the council followed Musk’s decision to dismiss Bitcoin payments at Tesla Inc in mid-May. The billionaire argued the largest digital asset (BTC) is a threat to the environment due to its massive energy consumption. People could not understand why the billionaire would add Bitcoin payments to his company and dismiss it a month later. His decision was the topic of discussion on social media platforms for about a fortnight. MicroStrategy CEO formed the council and invited Musk to talk with the Bitcoin miners.
The Bitcoin mining council has made clear on its website, Elon Musk, the SpaceX and Tesla CEO joined an educational call to discuss BTC mining. Therefore, he has no relation with the mining council.
The public problem
Caitlin Long, the founder of Avanti bank, pressed Microstrategy CEO and his fellow council members on the involvement of public companies. Caitlin Long said the big companies will swallow the smaller ones as there is no mandated disclosure. Long wonders if it is a brilliant idea to involve public companies in Bitcoin mining.
Though there is no official communication, Michael Saylor said that he has not engaged in any conversation.
Using his experiences as a CEO of a public company, Michael said that one should be concerned with the pressure from board members or activists. The biggest fear is media narratives surrounding mining that are likely to influence political intervention, creating real barriers to entry in a particular jurisdiction.
According to Microstrategy CEO, the greatest threats are external, as it leads to joining hands with larger organizations. The networks need to collaborate with institutions and exchange platforms to defend it along with the mining pools and the decentralized organizations.