Michael Saylor Claims BMC Will Cope with Hostile Narrative

On the 25th of May, Michael Saylor, the Chief Executive Officer (CEO) of MicroStrategy, disclosed the facts behind the formation of Bitcoin Mining Council (BMC) as he explained that the aggressive attitude about Bitcoin Mining should be confronted by ensuring the clarity of Bitcoin Mining through the formation of Bitcoin Mining Council (B.M.C). He added that in the mining council, the matter of transparency was brought in front of the North American miners and the Elon Musk (the C.E.O of Tesla, Inc.), and concerns were agreed upon that a commission named Bitcoin Mining Council (BMC) would be inaugurated. The crypto-miners consented to the issue regarding the consumption of the fossil for Bitcoin mining.

Although Saylor condemned the notions about the controversy regarding Bitcoin Mining, yet he disclosed that they do not have any conventional framework for the consumption of energy in Bitcoin Mining. Marty Bent, the co-founder of Great American Mining, has emphasized the controversial energy usage by comparing the Bitcoin scaling plans to the oil production cartel named OPEC. He further focused on the secret closed-door meeting in which some particular people represented the whole Bitcoin production.

Michael Saylor refuted the allegations against the meeting and its controversy. He further expressed that the antagonistic people do not have the grounds to prove their allegations. Saylor additionally disclosed that there was nothing secret about the meeting as everyone knows it, and they had informed about the meeting. He mentioned that the sole purpose of the establishment of BMC (Bitcoin Mining Council) was to make sure that Bitcoin is a decentralized digital currency and the fuel consumption in its mining is also decentralized.

Michael Saylor said that it was not possible until after a long discussion with Musk and other prominent crypto figures from different parts of the world that a productive meeting could be held between the Bitcoin mining companies.

He said that Elon Musk was frequently asked for advice by the participants about how to meet the energy consumption by Bitcoin. He revealed that the most important question asked by the members of the meeting was about the possibility of a proper means for publishing the energy usage reports. Elon replied to the question by stating that before that, they need to develop a systematic method of publishing the power usage that can be shared among the mining companies as well as around the globe.

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