Bitcoin is notoriously known for its high energy consumption. In fact, it was the high energy consumption of Bitcoin that led to the brutal market crash and end of the 2021 bull-run. Elon Musk, the advocate of cryptocurrencies, denounced the use of Bitcoin as a mode of payment for his Tesla cars which resulted in market-wide panic selling and, the crash.
The mining of BTC is an energy-intensive power and as the demand and adoption increase, the mining does too. The electricity demand of BTC crypto is near 143 terawatt-hours – which is higher than the energy consumption of countries like Argentina. Bitcoin mining poses a huge challenge to countries trying to offset their carbon emission – like China. China has launched a crackdown on BTC mining as the country tries to achieve net zero carbon emissions. A shift towards renewable energy sources has recently been observed as non-renewable energy sources are not sustainable economically.
As Bitcoin is believed to not got anywhere, BTC supporters are renewing their efforts to completely shift mining to renewable sources. Elon Musk had recently introduced a group of North American BTC mining companies that are focusing on the shift towards renewable resources. The mining companies have taken an official position as the BTC Mining Council.
MicroStrategy CEO Michael Saylor initiated the council officially while describing the group as: “A voluntary and open forum of Bitcoin forum committed to the network and its principles”. However, the council would not have any power to impose standards or regulations on anyone. And while Elon Musk first introduced the Council, it appears as though the billionaire CEO does not have a place on the council – at least, not officially.
Will the Bitcoin Mining Council bring about a positive change in the BTC mining industry or will it be just an organization with no real impact? We have yet to find out.