White House is planning to address crypto mining’s environmental issues.
Want the truth about #bitcoin mining and #energy? Read this series of essays I’ve linked to below. ? #climate #btc $btc #EnergyCrisishttps://t.co/Uawz8h6ieP
— Brant Hammer (@Professor_BTC) June 2, 2022
According to a report, the White House is preparing to release their findings from a study conducted on the environmental issues surrounding “crypto mining” sometime in August of this year. The findings will also come with policy recommendations for crypto miners to follow in order to meet climate goals set out by the Biden administration.
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- The environmental report from the administration is a follow-up to a portion of their March executive order on crypto that caught to regulate the finance side of the industry as well as the environmental fallout from it.
- “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,” Costa Samaras, a White House Official said in a statement. “When we think about digital assets, it has to be a climate and energy conversation,” Samaras added.
- Crypto mining is one of the more controversial aspects of the space, and is frequently referenced as a reason for why it shouldn’t exist. This is despite the fact that Christmas lights are actually a significantly larger environmental concern.
- Crypto mining doesn’t encompass the entire industry, however, it is the majority of it as of right now. Both Bitcoin and Ethereum (for now) run on the more energy needy proof of work.
- The administration’s attitude toward crypto has been positive for most of 2022. The crypto industry was nervous about the executive order back in March, but overall, the order was well-received in crypto circles.
- Overall, the Democrats attitude toward crypto has shifted significantly this year. Coincidentally, crypto billionaire Sam Bankman-Fried has been pouring in significant money into elections — he was also Biden’s second-biggest donor during his election campaign. Bankman-Fried says he could spend up to 1 billion to help get Biden re-elected.
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