White House researches crypto mining and its energy footprint

The White House is treading carefully in the often-misunderstood crypto mining industry. The Biden administration is reportedly crafting policies intended to lower energy consumption and emissions from Bitcoin mining.

A White House task force is actively investigating the benefits and drawbacks of cryptocurrency mining in order to make suitable policy recommendations to the Biden administration. The administration is crafting policy recommendations aimed at lessening the energy consumption and emissions footprint of Bitcoin and other Proof-of-Work (PoW) cryptocurrencies.

Costa Samaras, principal assistant director for energy at the White House Office of Science and Technology Policy, is leading a study to gain a deeper knowledge of the benefits and drawbacks of bitcoin mining while focusing on energy and environmental impact. It is expected in August and follows President Joe Biden‘s executive order urging federal agencies to ensure “responsible” cryptocurrency mining.

“It’s important, if this is going to be part of our financial system in any meaningful way, that it’s developed responsibly and minimizes total emissions. When we think about digital assets, it has to be a climate and energy conversation,” Samaras said.

Despite being energy-intensive, Samaras admitted that Proof-of-Work provided higher security insurance than its competitors, demonstrating that the energy team was keeping an open mind while performing the investigation. He also mentioned the necessity for “appropriate policy responses” to a society characterized by “some continuous mix of Proof-of-Work and Proof-of-Stake.”

The White House’s nuanced approach contrasts with Greenpeace’s recent “Change the Code, Not the Climate” campaign, which aggressively urges Bitcoin (BTC) to follow Ethereum (ETH) in moving away from Proof-of-Work in order to minimize the protocol’s energy consumption.

The campaign made a number of dubious assertions concerning Bitcoin use, claiming that Bitcoin emissions rise in tandem with the coin’s market price and might push global warming past 2 degrees Celsius.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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