From El-on to El-off: Musk will have ‘no role’ in Bitcoin Mining Council

Team Luno
Back to blog

2 minute read

The Bitcoin Mining Council (BMC) is a newly established group of energy-conscious North American Bitcoin mining companies, committed to efficient mining practices. Hints of the forum were first made by Elon Musk in a tweet he put out in May, labeling it as “potentially promising.” But while many expected the billionaire to be a key part of the BMC, its debut took place without him.


It’s not known why exactly Musk won’t be joining in any official capacity. According to its founder, Michael Saylor, “The Bitcoin Mining Council is a voluntary and open forum of Bitcoin miners committed to the network and its core principles. We promote transparency, share best practices, and educate the public on the benefits of #Bitcoin and Bitcoin mining.”




The forum has been scolded as an attempt to centralise control over the mining industry, with suggestions that the group plans on imposing energy standards on its members. But the BMC dismiss this and say they’re “not designed to have ‘teeth’ or tell anyone what to do,” but rather encourage members to share their “energy mix” and power consumption for data and educational purposes.


This data could prove especially useful for Musk, as his company Tesla has revised its bitcoin policy. Earlier in May, the electric car company announced it would no longer be accepting bitcoin as payment, citing concerns over the digital currency's energy-intensive mining process. Yet, Musk shined a light on the way forward in a recent tweet, saying “when there’s confirmation of reasonable (~50%) clean energy usage by miners with positive future trend, Tesla will resume allowing Bitcoin transactions."

Avatar Team Luno

Team Luno

On our way to the moon, we write about all things crypto. And don’t forget we’re humans too. Our blog conveys the views of Luno and the many unique opinions and characters within our team. We’ll never provide you with financial advice, and we urge you to conduct your own research before purchasing or trading any cryptocurrencies. It’s a brave new world out there, and the market can be volatile at times, so never trade with funds you can’t afford to lose. Want to let us know how much you love our blog? Tweet us @LunoGlobal.

It’s never too late to get started

Buy, store and learn about cryptocurrency today

Desktop Icon Apple App Store Logo Google Play Store Logo