Topic: Bitcoin Mining Council (Read 301 times)

Elon Musk participates wherever it is in his favor, and if that happens, Elon Musk is only making himself and his company's products better known. The fact that he is announcing environmental opposition shows more of his true personality.
In any case, if Elon Musk accepts bitcoin again, he will definitely have a lot of ideas in his head and you should be afraid of the clown ideas.

He can easily do that if we see what behind him. If Elon offers to sell "clean" electricity to the miners at a cheap price, that can only happen in a big country while in the other country, they will still be the same sources. But suppose the miners realize about the electricity and want to have clean electricity. In that case, they will try to change to renewable sources to force the fee of the electricity itself. That can give them more profit to mining bitcoin. But unfortunately, not all miners have the big funds to replace their electricity sources.

Agreed, this appears to only be a type of virtue signalling. The meeting also represented a very small amount of the hashrate. They cannot do anything without broader consensus.

After showing capability that Elon can rugpull bitcoin, I predict he will do another social media attack on miners who are not using green sources of electricity. This risks the fungibility of those coins from dirty energy miners.

Nah,Elon Musk doesn't care about the crypto community.
I guess that the US crypto miners will try to bring him back in the crypto community with this attempt.
A "mining council" cannot solve the problem of crypto mining using more "green energy".Solar and wind power can only make crypto mining less profitable,unless the miners are mining some shitcoins,that are really cheap and easy to be mined.
Creating a mining council sounds like more centralization to me.Maybe they will turn into some sort of mining cartel.I want crypto miners to compete with each other,instead of uniting in one team.

It's quite certain to believe that after reading through his series of tweets about the currency, Elon doesn't really know much about how bitcoin works on a highly technical scale . Well, he should be knowing the basics of the workings but wouldn't have had a hand on the decentralization subject which is governed by PoW mining.


Either this tweet could have been a way to improve the overall sarcasm but if he had posted this seriously, he is pretty much of an idiot trying to play with the emotions of noob investors.

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In today's bitcoin world, we are dominated by more noob votes than veteran votes and hence the Mining Council will be well received as the general public (new to bitcoin) always tend to believe bitcoin is being governed by a central entity as how these so called altcoin foundations do! But to the contrary, such a foundation kind of set-up was always received negatively by bitcoiners right since the early days and I hope this should continue being so. I believe bitcoin is the only cryptocurrency which is still highly decentralized and not being governed by any non-profit organizations.

Well, we need to always remember what a powerful bitcoiner like Gavin did in the past. He started the Bitcoin Foundation and tried to control each and every aspect of the network which was highly frowned upon later :


The whole idea of Mining Council (the new reformed Bitcoin Foundation) from a true bitcoiner's point of view is bullshit and should end miserably. People like Saylor/Elon is trying to control the "Internet of Money" and act like Gavin but we believe this will end as long as the power of the suites(corporates) doesn't outweigh the bitcoiners!

Just another Bitcoin Foundation.

There's nothing wrong with this initiative. It's worth applauding, on the contrary. The future generations deserve a cleaner world. We owe it to them.

However, I hope this does not spark another basis for discrimination. I hope this won't give rise to another clean:dirty Bitcoin dichotomy. A Bitcoin mined using coal-generated energy is the same Bitcoin mined using solar power.

I guess the criticisms directed to this council are basically triggered by the fact that the infamous Elon is part of it.

hello sir, yeah what are you saying, I think this Musk is taking advantage of his own by paying a small amount for personal needs and for his own project, it won't really help, and if that happens it should put a little bit of effort into improving bitcoin exchanges -his. , or the little thing he could pay for electricity from the largest mining company in the United States

In the final analysis, Elon Musk is just a businessman, and it looks more like a means of propaganda without spending than believing that he wants to solve the Bitcoin problem. There is almost no cost to send a tweet, but it can cause the price of bitcoin to rise. Maybe we can see that the amount of bitcoin held by Tesla has not changed much in the next financial statement of Tesla. But these bitcoins are not necessarily those bought by Tesla before. In fact, I think Tesla sold some of the bitcoins when it reached 60,000, and then bought it back at 30,000 US dollars, and the cost of all this was just a few tweets. I now doubt very much whether Musk understands decentralization. I hope he will not be like some stupid Chinese investors, who even know who Satoshi Nakamoto is.

Everyone should know elon musk by now. He says one thing today and another thing at a later time. He just went ahead to get that  mining council created as a last bid to get back to the heart of the community. After bashing bitcoin due to the energy consumption which wasn't entire true by the way, supporting the council is a bid to redeem himself. I hope he doesn't go back and forth by doing something in the near future that would get him in the bad side of the community.

Always expect a meeting like this to take place. Why? There is a lot of interest in large investors in Bitcoin and if we want to move to the next level they must study how Bitcoin miners can reduce electricity consumption. It has not yet been shown how they are going to do it because obviously they need an exhaustive study to meet the objectives that are of interest to all in which bitcoin shows that it is reducing the environmental impact.

In relation to Elon Musk, he leads the Tesla brand that is an environmentally friendly vehicle, as an influencer in cryptocurrencies he needs to show that he supports the best initiative that has been made with Bitcoin. I think that if the plan devised at this meeting is accomplished, we will all benefit. It is worth noting that Michael Saylor also participated in this meeting without a doubt that he is a great strategist and ally that has bitcoin.

I think bitcoiners just need to resign theirselves to the fact as being a modern day edison,
that Elon is going to have a big say in technical matters.  

Look at these forums alone, every-time he says anything , Bitcoiners absolutely lose their minds with topic after topic about the guy.

Perhaps. Don't forget he has done a few dubious things to his own company and told everyone he thought Tesla was overpriced.
I doubt miners actually care about using renewable or sustainable energy at all. Economics of mining makes it such that miners will always choose the cheapest energy source there is. Miners don't have to care about using it either, it doesn't influence the price. They're doing this to appease Elon and to hopefully pump the price up further. There isn't any conscious effort for miners to mitigate, or at least the majority of it, instead it'll be more accurate to say that they're always mitigating to a cheaper energy source. Trying to greenwash people by telling them that a few companies are environmentally conscious wouldn't actually do enough but we'll see the results regardless.

Nothing will ever solve the problem with ewaste anyways, there is no going about that. Electrical usage is hardly a significant issue in Bitcoin.

As with Elon, its not about a matter of fact. Elon knows this, it was likely pressure from his shareholders that forced the Tesla announcement of dropping BTC purchases. Elon I believe has been on record stating he believes Bitcoin incentivizes green energy, although don't quote me on that.

The thing is, we don't need to prove that all miners are on green energy. We just need to show that there's a concentrated effort for them to mitigate. We might know that lower the costs, the more profit margin for the miners, so of course they aren't going to use fossil fuels for no reason, but we aren't the people that need convincing. Its the general public, and if we can refute their claims, via providing a small percentage of miners, that have openly declared what they use as evidence to back it up, I believe that will only be beneficial.

The Tesla movement was clearly a PR move, rather than Elon suddenly developing a conscious, and changing his mind with Bitcoin. I also believe he's been talking a lot about Dogecoin...so there's that too. 

It is as simple as that, Elon is just trying to earn even more money, give the impression that he cares about the environment and somehow try to begin to repair the image that he has destroyed by his own hand with the most recent developments, while it is fine that the miners are trying to reduce their emissions and to reduce their energy consumption that comes from fossil fuels at the end of the day it is not going to make such a difference because the energy consumption of bitcoin miners is being exaggerated by the media.

He is not an environmentalist or social worker but a businessman whose motive is to earn profits by any means.His latest two tweets show that he is in support of renewable Bitcoin mining and choose crypto over fiat in order to show his fake support to the market.He intiated million dollar project for best carbon technology and in the same way he should be contributing towards mining research process to bitcoin miners also.What is the fun of appreciation if you have not done any contribution and still wants to credit yourself.He must check how much Electricity Tesla plants are using and how materials required for electric battery are extracted from the ground first and then play blame game on Bitcoin.

Like he doesn't know all the facts from the beginning. Bitcoin mining activity is well known and many articles compared its consumption to countries (like Argentina...)
Businessmen knows everything, studied markets dozens of times, calculated risks and benefits over and over. So yeah, he has his agenda.
Personally, I find moving green(er) is a good thing for the planet and for everyone. Just to mention that crypto are greener than the banking/actual financial system.

"Musk's attempt to rehabilitate himself in the eyes of the community or he really wants to help" what I am sure of is any of this is just for his advantage or what will yield to his own benefit after the whole thing. Everybody is working for his or her own profit and investment though

Elon Musk withdrawing his support for Bitcoin after he supposedly found out that Bitcoin isn't clean is in a sense an external influence. Problem here is that he shouldn't be unaware of the environmental impacts of mining in the first place. Being critical of Bitcoin after he openly invested a billion dollars is questionable, either he is outright ignorant or has a certain agenda.
 

You can't. Majority of the miners are not included in the set of miners that were supposedly included. Miners will use renewable energy if it makes sense; namely lower costs or being located in a suitable geographical location. Having less than 20% of the miners openly state that they're only using renewable energy is hardly helping, media will still perceive it as a frivolous use of electricity that could otherwise be used for other more productive purposes.

Derived carbon footprint from the electrical usage is not the only environmental impact Bitcoin mining has. Not sure why everyone is putting so much emphasis on that.

Why now ? Miners have been mining bitcoin since genesis without any central point of contact. Now Elon Musk dived in and hosted a meeting between them.
May be Elon's intentions are good but what if it's not ?
What if the miners start doing what Elon says them to. This would lead to centralization and might cause trouble to the bitcoin network.
Elon has ditched bitcoin once and he can do it again. We have to be extremely cautious of what he is up to.

I don't see Bitcoin being influenced by external parties here. Well, not too much. We should be adapting, and trying to fit within the world for our own benefit though, and while I guess there was influence on this happening, its probably for the better.

If we can prove that miners are using green energy instead of fossil fuels, it means that's one less attack vector that the news, and governments can use against us. We would actually be better than most industries that people use on the daily.

I'm all for improvement, regardless of the influencing factors.

Do you think musk really mean that since if there's no group created for this plans I will think about he is just hyping bitcoin back since he already bought bitcoin at tge dip and want to earn again for repetitive  doings. Maybe best to buy on what he is doing now to gain since market is now doing great after good hypes spread.

He's doing what he wants and thinks right, I can't deny it. So i bet he really believes in what he's doing.

https://cbeci.org/
Bitcoin network power(updated every 24 hours)

https://cbeci.org/cbeci/comparisons
Bitcoin mining has already ranked 33rd in the ranking of electricity consumption by countries
In the future, we will face these questions more than once, because electricity is becoming more expensive every year.

First of all, Bitcoin should not be influenced by an external party. Users should be able to choose what kind of Bitcoin that they want without having something else forced down their throats.

Bitcoin probably won't accept anything else other than PoW, the community won't take it neither will majority of the other miners. If you're talking about renewable energy, sure! Most miners can already switch to them if the tariffs are cheaper. There should never be anything that governs the miners; it basically does nothing as there is no repercussions from breaking any rules and there is a risk of centralization as well. Forming an organization like this can threaten and restrict how the miners operates, which is not great.

Like it or not, this is just Elon Musk trying to save his investments and avoid a bad financial report.

Well, don't be wrong with me, reduce the industry's greenhouse gas emissions is always a good idea, but (for me at least) this is just a Elon Musk movement trying to do things to "fatten up his wallet" even more than it is. .. greedy as hell, rich people should care more about other things and dont wasted his time on tweets and stupids things like that, if they do it is because they are trying to do other things ...


Agree, as i say, all the things he is doing is because he have "hidden intentions ..."

Right, if we still have coals and a lot of pollutants as a main source of energy, this council won't do a dent. What we really need is for the government to take action in the fossil fuel crisis that will eventually cause the doom of our civilization if we continue to use it as an energy source. Also if we don't innovate on nuclear and renewable energy, we will not be able to fully transition from polluting energy towards clean energy.

I don't see anything wrong in having some kind of Bitcoin mining council unless they accept some freaking ofac regulated mining pools like Marathon, who is preparing to start mining in Texas with 73,000 new bitcoin miners!
They are talking same bullshit about carbon neutrality but accepting them in some council or following their example can seriously change how Bitcoin space will look in the future.
Marathon partnered with Compute North for this deal and they claim they will have 10.37 EH/s hashrate that would make them one of the biggest pool in the world (Chinese Antpool currently have around 24 EH/s hashrate).
We can also imagine the future with lower percentage of mining pools from China and higher from North American pools that would take Marathon even higher, and that can be very dangerous.
https://ir.marathondh.com/news-events/press-releases/detail/1243/correction----marathon-digital-holdings-announces-binding

Business interest above all. There are miners who are already using green energy before Elon came into the picture but perhaps they also saw an opportunity that would benefit all parties. Miners could save up from electricity cost while both Michael and Elon can protect their investments completely eradicating the long standing issue against BTC mining.

Starting this council is excellent, knowing that there would be people governing and making sure that there is accurate data being published in the energy consumption of Bitcoin Mining. I think it's best that there would be a center for everything to verify those data since most of the data are scrambled and doesn't make sense because it's not the same for everything.

It would be like making their own Bitcoin Mining standardization and make it even more efficient and understandable between different places. Every mining company should have a representative of their own so that everything is in the proper form.

This can be the step towards energy efficiency and utterly renewable energy transformation for the energy-hungry mining farms.

No matter how much council we make if we continue using fossil fuel as a source for electricity, the efforts of mining council will be in vain to be honest. The world will still pollute the air with other pollutants and we can't do a thing about it, this mining isn't a green thing to do is just a good scapegoat for other power companies to continue using coal powered electricity.

Funny that Elon is having so much power in cryptocurrency now and after causing FUD in the space and dragging the market down now trying to create an atmosphere that makes him looks like he truly cares about Bitcoin by involving in this move again trying to portray concern for Bitcoin. This guy is actually a snake.   

So does this mean that what Elon was accusing the Bitcoin miners of earlier was also correct for them to be having this sit down? because to me if it wasn't, why wouldn't they just tell him off? Not that I even trust Elon and any of these big guys in the Bitcoin space, I would support @NeuroticFish  here about Elon

Once a snake always a snake. I'd be cautious. But as I said in another thread I'm no longer interested in what Musk or Saylor say so I don't care at all They can do whatever they want.

Unless he offers some grants, zero-interest loans or such, I find it a cheap PR and not much else.
Or... it has just occurred to me... he may try to sell "clean" electricity to the miners or some batteries his company produces, i.e. he just does marketing for his own products.

L