Elon Musk is not fit to lead the Bitcoin Mining Council

Elon Musk is not fit to lead the Bitcoin Mining Council

Bitcoin News
May 27, 2021 by J.D. Smith
15
According to the partner of Castle Island Ventures, Nic Carter, Elon Musk is not the right person to lead the Bitcoin Mining Council. He revealed this during a recent interview with Bloomberg TV, which was also specifically dedicated to Musk’s role within the crypto world. However, although Carter says that bitcoiners are still very sceptical

According to the partner of Castle Island Ventures, Nic Carter, Elon Musk is not the right person to lead the Bitcoin Mining Council.

He revealed this during a recent interview with Bloomberg TV, which was also specifically dedicated to Musk’s role within the crypto world.

However, although Carter says that bitcoiners are still very sceptical towards Tesla’s CEO, as they see a conflict of interest in him, he also believes that the proposal he has put forward for greater transparency in terms of the energy of bitcoin mining is a good one.

Carter also points out that there are already many alternatives to Bitcoin, but none have so far been able to supplant it. Therefore Bitcoin is here to stay, and if you ban bitcoin mining somewhere in the world, the hashrate will simply flow somewhere else, and there will never be a shortage of places that will accept it.

So the solution to bitcoin’s energy problem, according to Carter, is to encourage policymakers in areas with sustainable power generation to encourage local bitcoin mining themselves.

Moreover, the North American miners who have joined the Bitcoin Mining Council are already more transparent than others about the type of energy they are using, and are already using mostly clean energy.

Bitcoin Mining Council, why Elon Musk is not the person for the job

Moreover, Carter points out that Tesla’s own cars are often charged with electricity produced from coal, so Elon Musk’s doubts about this seem inconsistent, to say the least.

In the light of these considerations by Nic Carter, it seems curious that Elon Musk can champion the sustainable energy consumption of Bitcoin, while the cars produced by his company can continue to consume energy produced with fossil fuels.

So indeed Musk might not be the best person to lead the Bitcoin Mining Council, which aims to make Bitcoin’s energy consumption as transparent and sustainable as possible.