Tesla billionaire and cryptocurrency advocate Elon Musk is no longer involved in an industrial group of bitcoin miners he helped launch.
The Bitcoin Mining Council, formed from the major mining groups in North America and other crypto proponents such as software company MicroStrategy, said in a post on its newly released website on June 10 that Musk had failed. “no role” within the board.
The extent of Musk’s involvement was to “join an educational call” to discuss bitcoin mining with a group of companies, the BMC said.
The group was formed following comments from Musk denigrating the environmental impact of bitcoin, which caused the price of the cryptocurrency to drop significantly.
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Several other major flash crashes in crypto tokens followed, leaving bitcoin around the $ 37,000 mark at 8:30 a.m. BST on June 11 – down 43% from its all-time high in April of $ 64,829 .
MicroStrategy chief executive Michael Saylor was credited on BMC’s website with establishing the board in May, which he said will foster an open forum where miners can “promote transparency, share best practices, and educate the public on the benefits of bitcoin and bitcoin mining. ”.
The other founding members include a mix of crypto miners and crypto-focused fund managers including Argo Blockchain, Blockcap, Core Scientific, Hive, Hut 8, Marathon Digital Holdings, Riot, and Galaxy Digital. Tesla was not listed as a founding member on the website.
Although early reports suggested that the BMC was working to improve the carbon footprint of bitcoin mining in the face of growing environmental, social and governance concerns of traditional investors, the board said that ‘he “felt that bitcoin’s power consumption is a feature, not a bug.”
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“The BMC is not designed to have ‘teeth’ or tell anyone what to do – we are all trying to contribute and build a decentralized economy,” the group said.
“The BMC idea is above all to share good practices and inform the public about the work we do.
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