Bitcoin’s climate impact comes under scrutiny in Washington, DC
According to a report published by Bloomberg Law, the energy needs of bitcoin have drawn scrutiny from the Biden administration, which is currently working on policy recommendations on crypto mining.
CMU Professor Dr. Costa Samaras, who joined the White House last November as principal assistant director for energy and OSTP chief advisor for energy policy, says that if bitcoin becomes a “meaningful” part of the financial system, the total Reducing emissions is important.
Details are scant about the administration’s approach to regulating cryptocurrency mining, and it is unclear whether any actual policy will be implemented.
In January, Senators Elizabeth Warren (D-Mass.), Maggie Hassan (Dn.H.), Jeff Merkle (D-Ore.), Edward J. Markey (D-Mass.), Sheldon Whitehouse (DRI) as well as several Democratic members of the House of Representatives expressed their concerns over the high energy use of bitcoin in letters sent to various cryptocurrency mining companies.
Warren has repeatedly stated that bitcoin’s massive carbon footprint could undermine environmental goals. The flagship cryptocurrency now consumes more electricity than countries like Argentina.
Input Output CEO Charles Hoskinson has already seized the opportunity to present Cardano as an eco-friendly alternative in a recent tweet.
As U.Today reports, President Biden signed an executive order on cryptocurrencies in March. The move attracted praise within the cryptocurrency community as the order was generally regarded as an endorsement of the industry, which also included miners.The independent investment bank Jefferies Group believes that the official recognition of the crypto industry by the White House was swift for major US mining companies such as Marathon Digital and Argo Blockchain.
