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Bitcoin Mining Council debuts critics’ carbon footprint debut Business and Economic News

The energy used to exploit cryptocurrencies is comparable to that of many developed countries and has emissions from major users and producers of fossil fuels, such as airlines and oil service companies.

By Bloomberg

The Bitcoin Mining Council held its formal premiere on Thursday amid growing controversy over the amount of energy used in cryptocurrencies.

“Bitcoin Mining Council is a voluntary and open forum of Bitcoin miners committed to the network and its core principles,” wrote Michael Saylor, CEO of MicroStrategy Inc., who helped form the association on Twitter. He added, “Join us,” along with an emoji of prayer hands.

Saylor, as buying Bitcoin has become the business strategy of the company’s software manufacturer, sought to allay concerns about energy use, citing reasons why Elon Musk, CEO of Tesla Inc., stopped accepting Bitcoin as a payment for the company’s cars. Later, Musk expressed his support for the group.

Democratic Sen. Elizabeth Warren of Massachusetts on Wednesday was chairing the Senate Banking Subcommittee on Energy Consumption, which was examining issues related to existing cryptocurrencies and whether the U.S. Federal Reserve should give its all. Later in a televised interview with Bloomberg, he said cryptocurrencies are an “environmental disaster”.

The council is a voluntary forum committed to the network and its core principles. Nine companies, including MicroStrategy, Galaxy Digital and Darin Feinstein’s Blockcap, appear as founding members.

Crypto miners use large amounts of computing power and energy to verify transactions in the blockchain. Energy use is similar to many developed countries and has emissions from major fossil fuel users and producers, such as airlines and oil service companies, according to an analysis by Bank of America Corp., although others discuss this, not cars, power plants and worse than the carbon footprint of factories.

Saylor called the first informal meeting of some of the miners in May. Musk has no formal role in the team. Saylor approved the formation of a committee to “normalize the energy report” for the miners

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