Bitcoin Mining Council Goes Live, Musk Sidelined

13 June 2021 | Updated: 13 June 2021

The long-awaited Bitcoin Mining Council (BMC) announced on June 12 that it is now live. The BMC launched its website detailing its members and its mission statement.

The organization also detailed its plans on how it would tackle the ever-growing worries of Bitcoin energy consumption. To achieve this, individual members of the organization have to publicize accurate energy numbers, something mining companies are reluctant about sharing.

The BMCdebutted in May after Michael Saylor hosted a meeting among several miners in the United States. This meeting aimed to set Bitcoin mining activities on a cleaner and greener path.

While the Bitcoin Mining Council has only nine members, including MicroStrategy, the website detailed that interested miners could join.

Meanwhile, the BMC has chosen Michael Saylor as one of its “key members, both as a facilitator and Bitcoin supporter.” Elon Musk, whose activities indirectly led to the creation of this group, got sidelined completely.

Elon Musk infamously drove public attention to Bitcoin’s energy consumption through a series of tweets and comments. Musk-owned Tesla stopped accepting BTC as payment for its vehicles due to environmental concerns. That said, Musk’s anti-Bitcoin activities were a primary catalyst behind the current downtrend in the crypto market.

Key Bitcoin Levels to Watch — June 13

Bitcoin began the weekend on a bearish note as the benchmark cryptocurrency fell by over $2,500 on Saturday. After a prolonged period of consolidation between $35,000 and $36,000, BTC appears to have regained a healthy bullish momentum after breaking the $37,000 barrier a few hours ago.

BTCUSD – Hourly Chart

That said, the primary cryptocurrency needs to maintain a footing above the bullish tripwire to retain its bullish momentum and clear higher barriers over the coming days. Nonetheless, a rejection from the critical $37.5k resistance over the coming hours should get adequate from the 200 SMA at $35,600.

Meanwhile, our resistance levels are at $37,500, $38,500, and $39,000, and our key support levels are at $36,500, $36,000, and $35,650.

Total Market Capitalization: $1.57 trillion

Bitcoin Market Capitalization: $700.1 billion

Bitcoin Dominance: 44.7%

Market Rank: #1

 

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Azeez Mustapha

Azeez Mustapha is a trading professional, currency analyst, signals strategist, and funds manager with over ten years of experience within the financial field. As a blogger and finance author, he helps investors understand complex financial concepts, improve their investing skills, and learn how to manage their money.