After Tesla’s Elon Musk and Microstrategy CEO Micheal Saylor revealed the revelation of a newly created “Bitcoin Mining Council,” the information turned a viral topic. While some crypto supporters like the concept, others have been skeptical of a pair of billionaires having closed-door conferences with North American bitcoin miners.
Bitcoin Mining Council Brings Back Memories of Notorious Hong Kong and New York Agreements
On Monday, Elon Musk told his Twitter followers that he not too long ago spoke with North American bitcoin miners, as he mentioned they’re “committed” to working towards utilizing renewable power sources.
Following Musk’s assertion, Microstrategy’s CEO Micheal Saylor said he hosted the assembly between Musk and the “leading bitcoin miners in North America.” Saylor additional revealed some of the mining individuals which have joined the “Bitcoin Mining Council.”
Hi I’m new to bitcoin
And I’m right here to repair it
We’ve been right here and acquired the t-shirt fellas. It in all probability will not go the way you envisioned it.
— Danny Brewster (@BtcDanny) May 24, 2021
According to Saylor’s tweet, miners comparable to Riot Blockchain, Core Scientific, Galaxy Digital, Hive Blockchain, Hut8, Marathon, Argo Blockchain, and Blockcap have joined the initiative. Despite some individuals’s optimistic opinions concerning the Bitcoin Mining Council, not everybody was constructive about this announcement.
For an awesome quantity of crypto proponents, the closed-door assembly was checked out as shady and reminded them of the notorious Hong Kong and the New York Agreements. For occasion, the Twitter account @altcoindailyio responded to Saylor’s tweet and said:
We’ll name it the New York Agreement.
‘Closed-Door Meetings Do Not Typically Have Any Good Outcomes in Bitcoin’s History’
The Twitter account @documentingbtc additionally responded to Saylor’s announcement and said:
Closed-door conferences don’t sometimes have any good outcomes in Bitcoin’s historical past.
The Hong Kong and New York Agreements are very controversial instances throughout the neighborhood. The Hong Kong Agreement occurred on February 21, 2016, and was titled “Bitcoin Roundtable Consensus.” In that particular settlement, it mentioned that the signatories agreed that the Bitcoin protocol would enhance the block measurement to “2 MB, with the total size no more than 4 MB.”
Many individuals signed the Hong Kong Agreement, together with individuals who modified their positions later, and then determined to combat towards any block measurement enhance. Signatures from people, who in more moderen instances have been wholeheartedly against any block measurement will increase, together with individuals like Luke Dashjr, Matt Corallo, Peter Todd, Adam Back, and Samson Mow.
Alongside a quantity of programmers, a big demographic of bitcoin miners additionally agreed to the Hong Kong Agreement’s commitments. But the Hong Kong Agreement by no means got here to fruition, and quickly led to a different infamous assembly known as the New York Agreement.
The New York Agreement was initiated by the corporate Digital Currency Group and additionally turned a controversial assembly. This assembly was dubbed “Bitcoin Scaling Agreement at Consensus 2017” after it was held throughout Coindesk’s Consensus convention in New York that 12 months.
Once once more, a 2 MB block measurement enhance was proposed and agreed upon by an awesome quantity of trade individuals from 58 firms positioned in 22 nations, and 83.28% of hashing energy. The solely half of the New York Agreement that made it by means of was the implementation of Segregated Witness (Segwit), and the two MB enhance was squashed.
Amid Conspiracy Theories, Argo Blockchain Executive Says: ‘Bitcoin Mining Council Is the Next Logical Step’
These prior conferences with miners have brought on quite a bit of controversy throughout the cryptocurrency neighborhood, so Saylor’s and Musk’s Bitcoin Mining Council has been seemed upon with the identical skepticism.
Some of the bitcoiners on the Reddit discussion board, r/bitcoin, don’t appear to understand the 2 billionaires interfering with miners and addressing carbon neutrality. One Reddit post calls the Bitcoin Mining Council a “publicity stunt to address environmental concerns.” In one other submit, one Redditor said:
’Dirty power Bitcoin’ is simply Wall Street’s new method to sluggish bitcoin’s dominance since ‘only criminals use bitcoin’ stopped working.
Tesla automobile vegetation and charging stations ought to publish their power combine
— Peter McObnoxious (@PeterMcCormack) May 24, 2021
The conspiracy theories on r/bitcoin are littered all around the first few pages of the discussion board. One r/bitcoin post predicts that Tesla will quickly announce a so-called Tesla Bitcoin mining operation and many individuals agreed with the idea.
Despite the conspiracies, members of the Bitcoin Mining Council stay up for selling the idea of environmentally pleasant bitcoin mining operations. Executives from Argo Blockchain (LSE: ARB) mentioned the agency mentioned the state of affairs with Musk and Saylor. Following the assembly, Peter Wall, Chief Executive of Argo Blockchain, mentioned: “Today is a good day for the planet.”
“Sustainability has always been at the heart of Argo’s mining operations and the newly-formed Bitcoin Mining Council is the next logical step in fostering a sectoral shift towards renewable energy,” Wall mentioned in an announcement despatched to Bitcoin.com News. “I enjoyed speaking with Elon Musk about these issues this weekend, and look forward to joining Michael Saylor and other leading North American miners in working to future-proof an industry that must collectively improve sustainable mining practices and take ESG concerns seriously.”
What do you concentrate on the responses to Bitcoin Mining Council and the similarities between the assembly and the New York and Hong Kong Agreements? Let us know what you concentrate on this topic within the feedback part beneath.
Image Credits: Shutterstock, Pixabay, Wiki Commons, Hong Kong Agreement, Twitter,
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