The Bitcoin Mining Council announced on Thursday as debates over the energy wasted in crypto mining are growing.
The energy consumed to mine cryptocurrencies matches a developed country’s usage and is comparable to big CO2 emitters such as airlines and fossil-fuel companies.
“The Bitcoin Mining Council is a voluntary and open forum of Bitcoin miners committed to the network and its core principles,” tweeted Michael Saylor, MicroStrategy Inc. Chief Executive Officer, and welcomed to join the association.
Saylor, who helped to form the Council, intended to quell worry about the energy usage after Elon Musk referred to it as a reason to suspend accepting Bitcoin as payment for Tesla cars. Later, Musk supported the association, but he has no formal role in the council.
Elizabeth Warren, Massachusetts Democratic Senator, called cryptocurrencies “an environmental disaster.” She blamed them for the energy waste at a Senate Banking subcommittee hearing on Wednesday regarding emerging cryptocurrency problems and whether the U.S. Federal Reserve should issue its own.
The Bitcoin Mining Council is a voluntary forum that’s committed to the network and its core principles, says its website. Nine companies joined the list of founding members, as MicroStrategy, Galaxy Digital, and Darin Feinstein’s Blockcap.
Crypto miners consume huge computing power to verify transactions on the blockchain. According to Bank of America Corp. analysis, their energy use is comparable to that of many developed countries and rivals the emissions from major fossil-fuel users and producers such as airlines and oil-services firms. Although others arguing it’s no worse than the carbon footprint of cars, power plants, and factories.
Saylor had gathered the first informal meeting of the miners in May. As he said, miners agreed to create the council “to standardize energy reporting.”