London Daily

Focus on the big picture.
Wednesday, Sep 03, 2025

Michael Saylor: Bitcoin Mining Council Is Set To Manage Concerns of BTC Energy Usage

Michael Saylor: Bitcoin Mining Council Is Set To Manage Concerns of BTC Energy Usage

The 'Bitcoin Mining Council' aims to “manage concerns, especially from uninformed parties” about the cryptocurrency’s energy usage, said Microstrategy CEO and bitcoin advocate Michael Saylor.

The ‘Bitcoin Mining Council’ aims to “manage concerns, especially from uninformed parties” about the cryptocurrency’s energy usage, said Microstrategy CEO and bitcoin advocate Michael Saylor.

The Bitcoin Mining Council was born of a desire to help shape the narrative around the cryptocurrency’s energy use, said MicroStrategy CEO Michael Saylor.

Speaking Tuesday at CoinDesk’s Consensus 2021, the bitcoin (BTC) evangelist said he worked with Tesla CEO Elon Musk and a handful of North American miners to create a loose organization that could publish energy usage data in an effort to address concerns that the cryptocurrency is not environmentally friendly.

“It became pretty clear that bitcoiners have a good story, but it’s a pretty complicated story and we need to find a way to share our story,” he said.

Saylor said he connected Musk with the eight North American bitcoin miners to host a discussion around energy usage. (The founding members represent an estimated 10% of the hashrate, or computing power securing the Bitcoin network; most of the world’s hashrate comes out of machines in China. No additional members have been announced since Saylor announced the council’s formation Monday.) Musk sent bitcoin’s price plummeting this month after announcing his carmaker would no longer accept bitcoin as payment due to energy concerns.

“He thought we would all benefit if we were able to publish energy usage and source of energy usage data,” Saylor said Tuesday.

This is not information that the crypto industry currently shares, Saylor said, which allows other parties to create their own models which may be less flattering to the cryptocurrency industry.

Saylor, who is known for speaking of the benefits of bitcoin as he added over 92,000 BTC to his company’s balance sheet, raised the ire of the community on Monday by announcing that he hosted fellow billionaire Musk and a handful of mining firms in forming the Bitcoin Mining Council.

Critics likened the move to the ill-fated New York Agreement of 2017, a closed-door group that sought to influence how bitcoin scaled. Sunday’s closed-door session of bitcoin miners seeking to change how network participants report their energy use wasn’t made public until after the fact, showing a lack of “self-awareness,” wrote Great American Mining co-founder Marty Bent.

However, Peter Wall, CEO of council member Argo Blockchain, said Monday the group does not plan to change any aspect of the bitcoin ecosystem, just address environmental concerns.

“I think Elon’s first-order ask was ‘hey, can we come up with a way to publish or [boost] transparency for bitcoin mining energy usage,’” Saylor said Tuesday. “I think the first step is, let’s come up with a protocol for us to publish energy information in a way that we can share it with the world and then work together to make sure that we pursue sustainable energy goals.”

If Saylor and Musk intended to secretly try to control bitcoin with a private meeting, they wouldn’t have announced the meeting’s existence to the world, Saylor said.

“Everybody in that meeting, including Elon, are passionate believers in decentralization,” Saylor said.

The group is more interested in “managing concerns, especially from uninformed parties,” about bitcoin’s energy usage, the CEO said.

“We need to make sure that people that are hostile to bitcoin and hostile to the crypto industry aren’t defining these narratives and defining those models and defining those metrics,” he said. “In the absence of any good information or any response on our part, they will define those models.”

Source: Saylor: Bitcoin Mining Council Is Set To Manage Concerns of BTC Energy Usage – Fintechs.fi

Newsletter

Related Articles

0:00
0:00
Close
Google Avoids Break-Up in U.S. Antitrust Case as Stocks Rise
Couple celebrates 80th wedding anniversary at assisted living facility in Lancaster
Information Warfare in the Age of AI: How Language Models Become Targets and Tools
The White House on LinkedIn Has Changed Their Profile Picture to Donald Trump
"Insulted the Prophet Muhammad": Woman Burned Alive by Angry Mob in Niger State, Nigeria
Trump Responds to Death Rumors – Announces 'Missile City'
Court of Appeal Allows Asylum Seekers to Remain at Essex Hotel Amid Local Tax Boycott Threats
Germany in Turmoil: Ukrainian Teenage Girl Pushed to Death by Illegal Iraqi Migrant
United Krack down on human rights: Graham Linehan Arrested at Heathrow Over Three X Posts, Hospitalised, Released on Bail with Posting Ban
Asian and Middle Eastern Investors Avoid US Markets
Ray Dalio Warns of US Shift to Autocracy
Eurozone Inflation Rises to 2.1% in August
Russia and China Sign New Gas Pipeline Deal
China's Robotics Industry Fuels Export Surge
Suntory Chairman Resigns After Police Probe
Gold Price Hits New All-Time Record
Von der Leyen's Plane Hit by Suspected Russian GPS Interference in an Incident Believed to Be Caused by Russia or by Pro-Peace or by Anti-Corruption European Activists
UK Fintechs Explore Buying US Banks
Greece Suspends 5% of Schools as Birth Rate Drops
Apollo to Launch $5 Billion Sports Investment Vehicle
Bolsonaro Trial Nears Close Amid US-Brazil Tension
European Banks Push for Lower Cross-Border Barriers
Poland's Offshore Wind Sector Attracts Investors
Nvidia Reveals: Two Mystery Customers Account for About 40% of Revenue
Woody Allen: "I Would Be Happy to Direct Trump Again in a Film"
Pickles are the latest craze among Generation Z in the United States.
Deadline Day Delivers Record £125m Isak Move and Donnarumma to City
Nestlé Removes CEO Laurent Freixe Following Undisclosed Relationship with Subordinate
Giuliani Seriously Injured in Accident – Trump to Award Him the Presidential Medal of Freedom
EU is getting aggressive: Four AfD Candidates Die Unexpectedly Ahead of North Rhine-Westphalia Local Elections
Lula and Putin Hold Strategic BRICS Discussions Ahead of Trump–Putin Summit
WhatsApp is rolling out a feature that looks a lot like Telegram.
Investigations Reveal Rise in ‘Sex-for-Rent’ Listings Across Canada Exploiting Vulnerable Tenants
Chinese and Indian Leaders Pursue Amity Amid Global Shifts
European Union Plans for Ukraine Deployment
ECB Warns Against Inflation Complacency
Concerns Over North Cyprus Casino Development
Shipping Companies Look Beyond Chinese Finance
Rural Exodus Fueling European Wildfires
China Hosts Major Security Meeting
Chinese Police Successfully Recover Family's Savings from Livestream Purchases
Germany Marks a Decade Since Migrant Wave with Divisions, Success Stories, and Political Shifts
Liverpool Defeat Arsenal 1–0 with Szoboszlai Free-Kick to Stay Top of Premier League
Prince Harry and King Charles to Meet in First Reunion After 20 Months
Chinese Stock Market Rally Fueled by Domestic Investors
Israeli Airstrike in Yemen Kills Houthi Prime Minister
Ukrainian Nationalist Politician Andriy Parubiy Assassinated in Lviv
Corporate America Cuts Middle Management as Bosses Take On Triple the Workload
Parents Sue OpenAI After Teen’s Death, Alleging ChatGPT Encouraged Suicide
Amazon Faces Lawsuit Over 'Buy' Label on Digital Streaming Content
×