Michael Saylor defends Bitcoin mining council Elon Musk against criticism of centralization

At CoinDesk's consensus conference earlier today, Bitcoin evangelist Michael Saylor defended the new Bitcoin Mining Council against criticism that it contradicts Bitcoin's "decentralized" spirit. Saylor announced the board of directors yesterday afternoon after Tesla CEO Elon Musk tweeted about a meeting with "North American Bitcoin miners" on sustainability; Saylor described it as "an organization that standardizes energy reporting, follows industry ESG targets, and trains and develops the market." "ESG" is an investment strategy that focuses on "environmental, social and governance" – an acronym for sustainability in the business world. Crypto critics quickly shouted out hypocrisy: Saylor and his followers like to say that Bitcoin is about "decentralization" – that is, there is no central government, no oligarchic control of the system. How will consolidating power over the future of the Bitcoin ecosystem be consistent with this mission? And is building a US-based miners cartel, which receives offers from @elonmusk and Michael Saylor, the next step in decentralization? https://t.co/tNA5LHjxeN – ((((Frances 'Cassandra' Coppola))) (@Frances_Coppola) May 25, 2021 Musk criticizes Bitcoin for being too central, citing an incident related to a single accident in China The coal mine has temporarily absorbed about 30% of the total computing power behind the global Bitcoin network. Bitcoin is actually highly centralized and mostly controlled by a handful of large mining companies (hashing). A single coal mine in Xinjiang has been flooded, almost killed the miners and Bitcoin's hash rate dropped 35%. Does that sound "decentralized" to you? https://t.co/Oom8yzGRNQ – Elon Musk (@elonmusk) May 16, 2021 Personally investing hundreds of millions of dollars in Bitcoin Saylor didn't really address these concerns. "Everyone at this meeting strongly believes in decentralization, including Elon." He added that he hoped to be curled.

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