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Bitcoin Mining Council? Elon Musk Tweet Has Some BTC Investors Ruffled

Bitcoin (CCC:BTC-USD) investors are not happy about the creation of a self-appointed mining council to oversee efforts to promote green energy use.

A council that will determine how Bitcoin mining companies can do their jobs was created recently. There were mixed reactions to the council from various members of the industry. Unsurprisingly, companies on the council are in favor of it.

Members of the council include Argo Blockchain (OTCQX:ARBKF) CEO Peter Wall, Microstrategy (NASDAQ:MSTR) CEO Michael Saylor, Tesla (NASDAQ:TSLA) CEO Elon Musk, as well as Riot Blockchain (NASDAQ:RIOT), Marathon Patent (NASDAQ:MARA), Galaxy Digital (OTCPK:BRPHF), Hive Blockchain (OTCQX:HVBTF).

Spoke with North American Bitcoin miners. They committed to publish current & planned renewable usage & to ask miners WW to do so. Potentially promising.

— Elon Musk (@elonmusk) May 24, 2021

However, others were staunchly against the idea of a Bitcoin mining council. That includes Marty Bent. He had the following to say about the idea in a series of Tweets.

“The #bitcoin mining industry has no obligation to appease Elon Musk and other hysterical hypocrites. Bitcoiners should seek objective Truth and reject the faulty framing from which these hysterical hypocrites want to debate. Bringing the ESG movement to Bitcoin is an attack on Bitcoin and it should be called out as such. The ESG movement doesn’t care about the environment or humanity, it cares about control over capital allocation and how corporations act. Letting ESG dictate how Bitcoin companies act will eventually lead to attempts to control how Bitcoin acts.”

Users on Twitter also reacted to the Bitcoin mining council news and support for it was few and far between.

Bitcoin mining council, 2021 pic.twitter.com/BVwOYKsuJI

— SalsaTekila (@SalsaTekila) May 24, 2021

This man is an enemy of Bitcoin and the Mining Council is regulatory capture of Bitcoin at its point of production. https://t.co/qommHtiF9t

— Ragnar ☀️ (@Ragnarly) May 24, 2021

I’m very thankful that elon musk and his council of miners are here to save bitcoin

— Zack Voell (@zackvoell) May 24, 2021

Bitcoin Mining Council sounds about as effective as a high school Student Council.

— Mandrik (@Mandrik) May 24, 2021

My ears hear energy council, but my mind hears regulatory moat. There are anons with more bitcoin than one could ever possibly buy today. I dont think they want their sovereign wealth network fucked with. This is tip toeing towards the line in the sand where you get a hard fork.

— Heavily Armed Clown (@heavilyarmedc) May 24, 2021

BTC took a dive on the news but has recovered and is now up 1.1% over a 24-hour period on Tuesday.

Crypto was seeing major movement yesterday with much news worth looking into.

Luckily for crypto lovers, we’ve got them covered. That includes a dive into what’s happening with BlockFi, a breakdown of what Zcash (CCC:ZEC-USD) is, as well as price predictions for Maker (CCC:MKR-USD). You can learn more about that at the following links!

More Crypto News

On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.

Source: https://investorplace.com/2021/05/bitcoin-mining-council-elon-musk-tweet-has-some-btc-investors-ruffled/

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