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White House Tightens Crypto Mining With Clean Energy

On September 8, the White House said it wanted federal and state agencies to work closely to make mining more friendly.

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The United States’ efforts to combat climate change may be thwarted if the manufacture of cryptocurrencies like Bitcoin (BTC) has a negative impact on the environment, according to the White House.

The new White House report encourages greenhouse gas reduction and calls for the US to delve deeper into the environmental impact of mining to set the industry-wide standard. Otherwise, it will soon be suppressed.

The office calls on the Environmental Protection Agency (EPA), the Department of Energy (DOE), and other federal agencies to develop standards for industry impacts on the environment.

“The Administration should consider working with Congress to enable DOE and encourage other federal regulators to promulgate and regularly update energy conservation standards for crypto-asset mining equipment, blockchains, and other operations.”

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In addition, the report mentions the Proof-of-Work (PoW) consensus mechanism, which is currently being used by Bitcoin and other digital assets to generate blocks of transactions on the network. The office also noted the difference between these blockchains with the Proof-of-Stake mechanism and mentioned the most important “The Merge” upgrade in the history of Ethereum development.

The United States is currently a major global Bitcoin mining spot. After China cracked down on the crypto industry, mining activities tended to flock to North America. Today’s report shows that the US Bitcoin mining market share has increased from 3.5% in 2020 to 38% currently. This unexpected performance could hinder or undermine the United States’ climate commitments and sustainability goals.

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Harold

CoinCu News

Harold

With a passion for untangling the complexities of the financial world, I've spent over four years in financial journalism, covering everything from traditional equities to the cutting edge of venture capital. "The financial markets are a fascinating puzzle," I often say, "and I love helping people make sense of them." That's what drives me to bring clear and insightful financial journalism to the readers of Coincu.