On June 10th, the Bitcoin Mining Council website went live -- sharing its mission statement with the world and reaching out to miners to join. Mining companies listed on the website, presumably members include:

• Argo Blockchain (UK)
• Blockcap (USA)
• Core Scientific (USA)
• Hive (Canada)
• Hut 8 (Canada)
• Marathon Digital Holdings (USA)
• Micro Strategy (USA)
• Riot (USA)
• Galaxy Digital (USA)

So far, only three countries are represented in membership. Interestingly, but perhaps not surprisingly, no China-based mining companies have joined the council yet. Chinese crypto miners have been criticized recently for using coal-powered electricity, which has triggered an uptick in illegal coal extraction. After banning institutions and payment processors from engaging in or providing cryptocurrency-related services last month, China is now cracking down on miners. Reportedly, many Chinese Bitcoin mining companies are considering shutting down altogether or moving offshore amid the new government regulations. Some estimates report that miners based in China report for up to 65% of Bitcoin mining. If a majority of them were to shut down their "dirty energy operations," perhaps Bitcoin mining would take a major turn toward becoming more "green." 

So, what benefits will the Bitcoin Mining Council Provide? In their own words:

The BMC intends to, among other things, hold a quarterly meetup presenting trends in Bitcoin mining, partner with leading industry researchers to gather data and educate the public on Bitcoin mining, and open source best practices from Bitcoin miners to encourage industry growth

In order to join, members must voluntarily provide two key data points: their energy mix and hashrate size. Energy mix will provide a breakdown of what type of energy (coal, natural gas, petroleum, wind, solar, etc.) is being used in the mining process. Hashrate size, simply put, is the speed of mining.

So it seems that the primary goal of the BMC will be to lead Bitcoin mining toward a more sustainable future, encouraging miners to use clean or renewable energy sources. Clearly, more accurate data on mining activity and what energy sources are powering the industry is needed. One of the main criticisms of Bitcoin has been the energy consumption used in the mining process, so this goal and data will prove quite valuable for the future of the cryptocurrency. 

While Bitcoin remains decentralized, it is perhaps a good thing that the BMC will provide a "voice" for the collective mining (and ultimately Bitcoin) community. The critics who abhor the cryptocurrency for its alleged harmful effects on the environment may ultimately be shown by the BMC's collected data on miners that the process can in fact be environmentally friendly. That would certainly be a positive for the crypto world.

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