At CoinDesk's Consensus conference earlier today, Bitcoin evangelist Michael Saylor defended the newly formed Bitcoin Mining Council against criticisms that it runs counter to the “decentralized” spirit of BitcoinBitcoin.
Saylor announced the council yesterday afternoon, after Tesla CEO Elon Musk tweeted about having met with “North American Bitcoin miners” about sustainability; Saylor described it as an “organization to standardize energy reporting, pursue industry ESG goals, & educate+grow the marketplace.”
“ESG” is an investing strategy centered around “environmental, social, and governance” concerns—it’s a shorthand for sustainability in the corporate sphere.
Crypto critics were quick to cry hypocrisy: Saylor and his acolytes like to say that Bitcoin is all about “decentralization”—that is, no central governing body, no oligarchic control over the system. How would consolidating power over the future of the Bitcoin ecosystem square with that mission?
And forming a cartel of US-based miners that does the bidding of @elonmusk and Michael Saylor is the next stage of decentralization? https://t.co/tNA5LHjxeN
— (((Frances 'Cassandra' Coppola))) 🌷🌷🌷 (@Frances_Coppola) May 25, 2021
Musk himself has criticized Bitcoin for being too centralized, citing an incident where a single accident in a Chinese coal mine temporarily took out around 30% of the total computing power behind the global Bitcoin network.
Bitcoin is actually highly centralized, with supermajority controlled by handful of big mining (aka hashing) companies.
A single coal mine in Xinjiang flooded, almost killing miners, and Bitcoin hash rate dropped 35%. Sound “decentralized” to you?https://t.co/Oom8yzGRNQ
Formula 1 has renewed its partnership with exchange platform Crypto.com, extending the agreement through 2030 as both entities seek to capitalize on their shared momentum.
The renewed partnership will see Crypto.com continue to feature prominently at key Formula 1 events, including the Miami Grand Prix, where it has been the title sponsor since the race’s inception in 2022.
The deal, first inked in 2021, marked Formula 1’s foray into the crypto world at a time when digital assets were experienc...
Mo Shaikh, a co-creator of the Aptos blockchain and co-founder and CEO of the Aptos Labs firm that helps support it, announced Thursday that he's leaving the company to focus on a "new chapter."
"Today, I am stepping away from Aptos Labs to start a new chapter," Shaikh wrote on X. "One of my true passions lies in building companies from the ground up, and we have done that at Aptos Labs by building a world-class team."
"I leave Aptos Labs with the utmost confidence in the team," he continued, "a...
Building on the momentum of anticipated changes to U.S. crypto policy, Binance.US said it aims to restore its USD services in early 2025, according to a statement shared with Decrypt.
It marks the exchange's first major operational shift as regulatory pressure forced the exchange to suspend fiat trading last year.
The platform has operated under restricted banking access since June 2023, when SEC civil claims triggered a suspension of dollar deposits and withdrawals.
"While I can't provide a de...
