{"id":43136,"date":"2021-05-25T14:16:10","date_gmt":"2021-05-25T11:16:10","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=43136"},"modified":"2025-08-31T02:19:54","modified_gmt":"2025-08-30T23:19:54","slug":"industry-expert-says-elon-musks-initiative-is-detrimental-to-the-industry","status":"publish","type":"post","link":"https:\/\/u1f987.com\/en\/industry-expert-says-elon-musks-initiative-is-detrimental-to-the-industry\/","title":{"rendered":"Industry expert says Elon Musk&#8217;s initiative is detrimental to the industry"},"content":{"rendered":"<p>Tech entrepreneur Ragnar Liftrasir called the creation of the Bitcoin Mining Council [Bitcoin Mining Council, BMC] a \u201cregulatory capture\u201d of the mining industry.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">This man is an enemy of Bitcoin and the Mining Council is regulatory capture of Bitcoin at its point of production. <a href=\"https:\/\/t.co\/qommHtiF9t\">https:\/\/t.co\/qommHtiF9t<\/a><\/p>\n<p>\u2014 Ragnar \u2600\ufe0f (@Ragnarly) <a href=\"https:\/\/twitter.com\/Ragnarly\/status\/1396931501409832962?ref_src=twsrc%5Etfw\">May 24, 2021<\/a><\/p><\/blockquote>\n<p> <script async=\"\" src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>On May 23, Musk spoke with leaders of North American mining companies. Participants in the meeting, organized by Michael Saylor, <a href=\"https:\/\/u1f987.com\/en\/news\/elon-musk-discusses-prospects-for-green-bitcoin-mining-with-miners\">agreed to form the BMC<\/a> to reduce the industry\u2019s greenhouse-gas emissions.<\/p>\n<p>Liftrasir stated that members of the association could collude to censor blocks mined without using \u201cgreen\u201d energy. In his view, there is a risk that the precedent could be used to control transactions that do not align with government regulators\u2019 interests.<\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p>\u201cClimate change is a pretext for international control by left-wing globalists. Now they have turned on Bitcoin because of its financial power. This is money that crafty globalists do not control (yet),&#8221; he explained.<\/p>\n<\/blockquote>\n<p>According to Liftrasir, the government does not run the node software or the Bitcoin mining algorithm. However, authorities can pressure exchanges and mining companies to prefer \u201cgreen\u201d cryptocurrency.<\/p>\n<p>The entrepreneur noted that the BMC would become a \u201ccentralised point of contact\u201d for regulators. He emphasised that centralisation of any kind is a \u201cdangerous attack vector\u201d for peer-to-peer networks.<\/p>\n<p>Even before Musk and Saylor announced the meeting with miners on Twitter, some industry veterans compared it with the controversial New York Agreement of 2017. However, opinions in the community were divided.<\/p>\n<p>In an interview with CoinDesk, the head of Argo Blockchain, a member of the BMC, Peter Wall, said that the organisation would not support discrimination against cryptocurrency mined using fossil fuels. He emphasised that the creation of the Council is not an attempt to usurp the industry.<\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p>\u201cThis is not a new OPEC. We are all independent, decentralised miners who formed a group of volunteers to influence the industry and each other,\u201d he added.<\/p>\n<\/blockquote>\n<p>Analyst Nic Carter also believes Musk\u2019s initiative does not threaten the industry. In his view, many North American miners, such as Core Scientific, are already publishing energy-use data.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">so core sci is a big NA miner. they were already providing basic disclosures regarding energy mix, because it\u2019s the economically rational thing to do. is this CeNtRaLiZaTiOn? <a href=\"https:\/\/t.co\/9CutidG0ki\">pic.twitter.com\/9CutidG0ki<\/a><\/p>\n<p>\u2014 nic carter (@nic__carter) <a href=\"https:\/\/twitter.com\/nic__carter\/status\/1397000775004524546?ref_src=twsrc%5Etfw\">May 25, 2021<\/a><\/p><\/blockquote>\n<p> <script async=\"\" src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p>\u201cBillionaires have captured Bitcoin&#8217;s consensus through a shadowy, centralised closed community\u201d \u2014 sounds scarier than \u201cminers with 10% hash rate share agreed to disclose information that many of them already disclose,\u201d Carter wrote.<\/p>\n<\/blockquote>\n<p>Back in May 2021, Elon Musk entered <a href=\"https:\/\/u1f987.com\/en\/news\/elon-musk-weighs-in-on-bitcoins-scalability-and-energy-use\">debates about the scalability and energy consumption of Bitcoin<\/a>. He proposed that the largest mining companies publish audit reports on the share of renewable energy in their operations.<\/p>\n<p>Subscribe to ForkLog news on <a href=\"https:\/\/vk.com\/forklogcom\" target=\"_blank\" rel=\"nofollow noopener\">VK<\/a>!<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Tech entrepreneur Ragnar Liftrasir called the creation of the Bitcoin Mining Council a \u201cregulatory capture\u201d of the mining industry.<\/p>\n","protected":false},"author":1,"featured_media":43137,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"1","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[18,1137,1217,2035],"class_list":["post-43136","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-bitcoin","tag-cryptocurrency-mining","tag-elon-musk","tag-ragnar-liftrasir"],"aioseo_notices":[],"amp_enabled":true,"views":"25","promo_type":"1","layout_type":"1","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/43136","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/comments?post=43136"}],"version-history":[{"count":1,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/43136\/revisions"}],"predecessor-version":[{"id":43138,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/43136\/revisions\/43138"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media\/43137"}],"wp:attachment":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media?parent=43136"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/categories?post=43136"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/tags?post=43136"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}