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The BTC Mining Council: Centralizing the Cryptocurrency World?

Bitcoin has had challenges to uptick after the recent crypto market crash. The leading coin witnessed wild swings after its record highs in April. Keep in mind that BTC lost nearly half of the trillion-dollar market cap in few weeks. That was after the China BTC ban, which followed the halving occasion. Though, different unfortunate events contributed to the drastic fluctuations in the market.

For instance, early this month, Tesla switched direction from his steadfast crypto market support. Elon Musk cited his eco-friendly fears and the complex mining protocols utilized in the BTC mechanism. However, the whole event took a shift after announcing a council to overlook crypto mining activities’ impacts.

Keep in mind that BTC players use the Proof of Work frameworks. The process requires crypto miners to use high-end computers that consume ‘insane’ amounts of energy. The best thing with the BTC mining framework is that it prevents scam issues. Scammers will have to accumulate high computing power to facilitate their deals. With that, PoW aids in strengthening security in the Bitcoin network.

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Nevertheless, the recent crypto boom has resulted in miners using enormous energy, alarming BTC fans, and environmentalists.

Bitcoin fans have had nightmares after Musk’s BTC suspension announcement that affected the already retreating market, which lost billions in market cap within days. However, Elon Musk used his tweets to give investors hope. He posted about talking with North American miners on the renewable energy subject.

As much as the post aimed to save the sinking market, MicroStrategy CEO Michael Saylor’s tweet muddled BTC enthusiasts. The executive reiterated hosting North America BTC miners and Elon Musk. The MicroStrategy leader stated that there was an agreement to formulate a BTC mining council. Their work would be promoting energy usage awareness and hasten sustainability wits globally.

The mining council comprising Galaxy Digital, Hire, Argo, Riot Blockchain, and others impressed Michael Saylor.

Within hours, BTC fans drove the internet questioning the need for a council, given that Bitcoin is in a decentralized space. Most of them saw this as a way of monopolizing the BTC market. What are your views?

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Leah Hutton (Luxembourg)

Leah Hutton has recently joined Tokenhell team as a freelance writer. She has comprehensive knowledge of blockchain and various cryptocurrencies.

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