Bitcoin Mining Council: A “Green” Advance for BTC or a Trojan Horse for Centralization?

The Breakdown

Blockworks

Investing, Business

4.8 • 806 Ratings

🗓️ 26 May 2021

⏱️ 20 minutes

🔗️ Recording | iTunes | RSS

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Summary

Yesterday, Michael Saylor and Elon Musk surprised the Bitcoin community when they announced a new “green” mining initiative that would see many of North America’s leading mining operators come together to develop common energy reporting standards as well as advocate for greener mining worldwide. In this episode, NLW breaks down the community’s response, which ranged from enthusiastic to downright aghast. He discusses why there are such big differences in how people are interpreting the initiative and what their reasons for supporting or questioning it say about Bitcoin as a network. -- Earn up to 12% APY on Bitcoin, Ethereum, USD, EUR, GBP, Stablecoins & more. Get started at nexo.io -- Enjoying this content? SUBSCRIBE to the Podcast Apple: https://podcasts.apple.com/podcast/id1438693620?at=1000lSDb Spotify: https://open.spotify.com/show/538vuul1PuorUDwgkC8JWF?si=ddSvD-HST2e_E7wgxcjtfQ Google: https://podcasts.google.com/feed/aHR0cHM6Ly9ubHdjcnlwdG8ubGlic3luLmNvbS9yc3M= Follow on Twitter: NLW: https://twitter.com/nlw Breakdown: https://twitter.com/BreakdownNLW The Breakdown is produced and distributed by CoinDesk.com

Transcript

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0:00.0	While I don't think a direct New York agreement comparison is accurate at this stage,
0:04.5	I think people are right to have extreme skepticism around any group that starts to speak for
0:10.4	Bitcoin, represents themselves as the leaders of Bitcoin, or whom others in power view as
0:15.9	the leaders of Bitcoin even if they don't wish to be represented that way. And that is a key
0:20.7	piece of this,
0:21.8	especially when you bring a neutron star black hole type personality like Elon Musk.
0:28.6	Welcome back to The Breakdown with me, NLW.
0:32.8	It's a daily podcast on macro, Bitcoin, and the big picture power shifts remaking our world.
0:38.9	The breakdown is sponsored by nexor.io and BitStamp and produced and distributed by CoinDesk.
0:46.3	What's going on, guys? It is Tuesday, May 25th, and man oh man, never a dull day around here.
0:52.5	Here we are, you know, just debating the nature of Chinese
0:55.1	political actions and the implications for Bitcoin hash power globally when, like the Kool-Aid man,
1:00.1	Elon comes kicking back down the Bitcoin door. At 3.42 p.m. Eastern time yesterday, he tweeted,
1:06.7	spoke with North American Bitcoin miners. They committed to publish current and planned renewable
1:11.4	usage and to ask miners worldwide to do so, potentially promising. Michael Saylor followed this up with
1:17.5	yesterday I was pleased to host a meeting between Elon Musk and the leading Bitcoin miners in
1:22.1	North America. The miners have agreed to form the Bitcoin Mining Council to promote energy usage,
1:26.9	transparency, and accelerate sustainably initiatives worldwide. Exacts from Argo blockchain, blockcap,
1:32.8	core scientific, galaxy digital, hive blockchain, HUD-8 mining, marathon, and riot blockchain
1:37.3	were present, and decided to establish an organization to standardize energy reporting,
1:41.7	pursue industry ESG goals, and educate and grow the marketplace.
1:45.9	Now, the markets initially seemed to like this. Bitcoin jumped about $1,500 at the time of the news.
	...

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