THELOGICALINDIAN - After Teslas Elon Musk and Microstrategy CEO Micheal Saylor appear the adumbration of a anew created Bitcoin Mining Council the account became a viral accountable While some crypto supporters like the abstraction others accept been agnostic of a brace of billionaires accepting closeddoor affairs 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 afresh batten with North American bitcoin miners, as he said they are “committed” to alive against application renewable activity sources.
Following Musk’s statement, Microstrategy’s CEO Micheal Saylor said he hosted the affair amid Musk and the “leading bitcoin miners in North America.” Saylor added appear some of the mining participants that accept abutting the “Bitcoin Mining Council.”
According to Saylor’s tweet, miners such as Riot Blockchain, Core Scientific, Galaxy Digital, Hive Blockchain, Hut8, Marathon, Argo Blockchain, and Blockcap accept abutting the initiative. Despite some people’s optimistic opinions about the Bitcoin Mining Council, not anybody was absolute about this announcement.
For a abundant cardinal of crypto proponents, the closed-door affair was looked at as adumbral and reminded them of the abominable Hong Kong and the New York Agreements. For instance, the Twitter annual @altcoindailyio responded to Saylor’s cheep and said:
‘Closed-Door Meetings Do Not Typically Have Any Good Outcomes in Bitcoin’s History’
The Twitter annual @documentingbtc additionally responded to Saylor’s advertisement and said:
The Hong Kong and New York Agreements are actual arguable times aural the community. The Hong Kong Acceding took abode on February 21, 2024, and was blue-blooded “Bitcoin Roundtable Consensus.” In that specific agreement, it said that the signatories agreed that the Bitcoin agreement would access the block admeasurement to “2 MB, with the absolute admeasurement no added than 4 MB.”
Many bodies active the Hong Kong Agreement, including bodies who afflicted their positions later, and again absitively to action adjoin any block admeasurement increase. Signatures from individuals, who in added contempo times accept been wholeheartedly against any block admeasurement increases, including bodies like Luke Dashjr, Matt Corallo, Peter Todd, Adam Back, and Samson Mow.
Alongside a cardinal of programmers, a ample demographic of bitcoin miners additionally agreed to the Hong Kong Agreement’s commitments. But the Hong Kong Agreement never came to fruition, and anon led to addition belled affair alleged the New York Agreement.
The New York Agreement was accomplished by the aggregation Digital Currency Group and additionally became a arguable meeting. This affair was dubbed “Bitcoin Scaling Agreement at Consensus 2017” afterwards it was captivated during Coindesk’s Consensus appointment in New York that year.
Once again, a 2 MB block admeasurement access was proposed and agreed aloft by a abundant cardinal of industry participants from 58 companies amid in 22 countries, and 83.28% of hashing power. The alone allotment of the New York Agreement that fabricated it through was the accomplishing of Segregated Witness (Segwit), and the 2 MB access was squashed.
Amid Conspiracy Theories, Argo Blockchain Executive Says: ‘Bitcoin Mining Council Is the Next Logical Step’
These above-mentioned affairs with miners accept acquired a lot of altercation aural the cryptocurrency community, so Saylor’s and Musk’s Bitcoin Mining Council has been looked aloft with the aforementioned skepticism.
Some of the bitcoiners on the Reddit forum, r/bitcoin, don’t assume to acknowledge the two billionaires interfering with miners and acclamation carbon neutrality. One Reddit post calls the Bitcoin Mining Council a “publicity achievement to abode ecology concerns.” In addition post, one Redditor said:
The cabal theories on r/bitcoin are blowzy all over the aboriginal few pages of the forum. One r/bitcoin post predicts that Tesla will anon advertise a alleged Tesla Bitcoin mining operation and abounding bodies agreed with the theory.
Despite the conspiracies, associates of the Bitcoin Mining Council attending advanced to announcement the abstraction of environmentally affable bitcoin mining operations. Executives from Argo Blockchain (LSE: ARB) said the close discussed the bearings with Musk and Saylor. Following the meeting, Peter Wall, Chief Executive of Argo Blockchain, said: “Today is a acceptable day for the planet.”
“Sustainability has consistently been at the affection of Argo’s mining operations and the newly-formed Bitcoin Mining Council is the abutting analytic footfall in adopting a sectoral about-face appear renewable energy,” Wall said in a account beatific to Bitcoin.com News. “I enjoyed speaking with Elon Musk about these issues this weekend, and attending advanced to abutting Michael Saylor and added arch North American miners in alive to future-proof an industry that charge collectively advance acceptable mining practices and booty ESG apropos seriously.”
What do you anticipate about the responses to Bitcoin Mining Council and the similarities amid the affair and the New York and Hong Kong Agreements? Let us apperceive what you anticipate about this accountable in the comments area below.
Image Credits: Shutterstock, Pixabay, Wiki Commons, Hong Kong Agreement, Twitter,
