Bitcoin uses a lot of electricity. So do electric cars, space travel and civilization in general, but few things burn energy so shamelessly. To assuage critics, Elon Musk and Michael Saylor announced late last month that Bitcoin miners in North America had agreed to form the Bitcoin Mining Council, an organization that would promote energy transparency and sustainable mining practices. A noble effort, to be sure, but one that drew much criticism. Participants in a decentralized currency tend to be sceptical of efforts at cooperation, which is just a politically correct term for collusion. To them, a Bitcoin mining council sounds a lot like OPEC or, worse, the Federal Reserve.
