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What is the Bitcoin Mining Council trying to achieve?

The council, made of miners and several companies that are involved in mining, held its first meeting via Twitter Space on Wednesday
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The Bitcoin Mining Council, made of miners and several companies involved in the activity, held its first meeting via Twitter Space on Wednesday.

The BMC virtual meeting was opened to the public and was focused to be more educational rather than a regulatory organization. Actually, the discussion was concentrated on “getting ahead of the media,” as Michael Saylor stated. According to the CEO of MicroStrategy, the council should offer a “sharing, cooperative and informative space [from which] people can learn the benefits of bitcoin mining.”

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“We’re not here to fix Bitcoin. So I think you could just assume that we buy into the entire ethos as hardcore as anybody, and we’re going to do everything we possibly can to defend the values of Bitcoin. We’re here to defend Bitcoin from people that misunderstand it, that would cause politicians to move against Bitcoin or cause negative media narratives that would undermine the spread of Bitcoin to the world.”

Michael Saylor

Participation in the council is voluntary, and its members, including MicroStrategy, Riot, Galaxy Digital, Marathon Digital, Hut 8, Hive, Blockcap, and Argo founders, aren’t imposed to any rules. The BCM won’t create mandatory regulations, and Michael Saylor confirmed it by saying: “It’s definitely not our agenda to provide any governance or any requirements or any rules because it’s not a governance council.”

Michael Saylor is known as one of the top supporters of Bitcoin in the industry. He believes that currently, the biggest threats come from the media’s negative headlines about mining. There is a high chance that they can influence political developments. According to MicroStrategy’s CEO, these threats can be managed with the help of larger and more influential institutions, companies, and exchanges.

“You could be a maximalist and say ‘I’m against organization’ as a matter of philosophy, but if you get sued by a multibillionaire that wants to sue an individual Bitcoin developer and you get buried in $10 million in legal fees, you’ll be wishing that there was an organized legal defense fund for you…basically, we can’t expect to succeed if we’re disorganized.”

Michael Saylor
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