According to a new report, US President Joe Biden and his administration are focused on Proof of Work (PoW) mining. The principal assistant director for energy for the White House Office of Science and Technology Policy (OSTP) discusses the research report on July 2, 2022. OSTP official, Costa Samaras, said that if digital currencies are to be around, it is important that these financial systems “develop responsibly and reduce total emissions.”
White House Eyes on Bitcoin Mining and Industry Emissions
A new report will be published by the White House in August, according to OSTP’s principal assistant director, and the study will focus on proof-of-work (PoW) mining and its effects on the environment. Constantine (Costa) Samaras detailed on July 2 that the Biden administration’s energy team plans to see mining farms working with implemented demand response programs, and two of the most popular crypto consensus models, proof-of-work. (PoW) and proof-of-stake (PoS).
“It’s important if it’s going to be part of our financial system in any meaningful way, that it’s developed responsibly and minimizes total emissions,” Samaras told reporters at news outlet Bloomberg Law. “When we think about digital assets, it has to be a climate and energy conversation.”
Bitcoin mining has attracted a lot of negative attention to the energy consumption used to confirm transactions and secure the PoW blockchain. However, two recent studies show conflicting views that shed light on how BTC mining can actually be beneficial to the environment. For example, one specific study shows that the bitcoin network leverages 50 times less energy than the traditional banking system. Another Environmental, Social and Governance (ESG) report highlights findings that bitcoin mining can potentially eliminate a significant amount of leaked methane, and stresses that no technology can improve it. .
OSTP official says White House needs to look at appropriate policy responses ‘under a world that has shifted to proof-of-stake’ and the security benefits of proof-of-work
Despite the positive studies, Samras has seen negative reports that have been published over the past year that say “noise, local pollution, re-introducing old fossil generators in communities – these are not minor loads.” Huh.” Samaras explained that the White House energy team is planning to appropriate research policy response concepts for PoW and PoS algorithms. Samras commented during this time, “We need to think about what would be the appropriate policy response under a world that has shifted to proof-of-stake, or a world in which proof-of-work and proof-of-stake There’s some constant mix of -off-steak.” Interview. The White House Principal Assistant Director for Energy said:
Proof-of-work is energy-intensive by design, but it also enhances security.
Samras’ statements follow US President Joe Biden’s Crypto Executive Order (EO) issued during the first week of March 2022. Crypto EO establishes “national policy for digital assets among six key priorities”. The White House was supposed to set up a crypto-focused EO in February, but the Ukraine-Russia war broke out. In April 2022, US Representative Michael McCall (R-TX) urged Biden to create a “robust strategy” to avoid using crypto by international enemies to avoid financial sanctions. Currently, an upcoming White House report concerning crypto mining appears to be research only, but many wonder whether government policies can come out of the new study and Biden’s aggressive climate change strategy.
What do you think about the Biden administration’s plan to publish a report on crypto mining and its impact on the environment? Let us know what you think about this topic in the comment section below.
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