Resource: Bitcoinmagazine.com
8 months ago
Date: 02 Jun 2022 -

The Biden administration is reportedly crafting policies intended to lower energy consumption and emissions from bitcoin mining.The White House is drafting policy to address bitcoin mining as it seeks to lessen energy consumption and emissions. In March 2022 President Biden signed an executive order in a whole of government approach to regulate the broader cryptocurrency market. Per the executive orders timeline a report is expected to be released in August detailing climate impact and other governing concerns.The Biden administration is crafting policy recommendations aimed at lessening the energy consumption and emissions footprint of Bitcoin and other proofofwork PoW cryptocurrencies according to a report from Bloomberg Law.The publication said it spoke to the principal assistant director for energy for the White House Office of Science and Technology Policy Costa Samaras who offered some insight into the impending policy attempts. Its important if this is going to be part of our financial system in any meaningful way that its developed responsibly and minimizes total emissions Samaras reportedly said. When we think about digital assets it has to be a climate and energy conversation.Regulators were tapped by President Bidens administration earlier this year in a whole of government approach to understanding and regulating the broader cryptocurrency space as Biden signed an executive order. The order set timeframes most within a 120 to 180day period to publish reports in conjunction with other governing bodies intended to guide the administration through a largely misunderstood market.According to the report the Energy Department which issues many of the efficiency standards likely being discussed did not provide comment on the matter of PoWbased cryptocurrencies like Bitcoin. However Samaras offered insight on the matter.We need to think about what would be the appropriate policy responses under a world that shifted to proofofstake or a world that has some continuous mix of proofofwork and proofofstake Samaras said. Proofofwork is energyintensive by design but it also increases security.A report geared towards uncovering emissions noise pollution energy efficiency for differing consensus mechanisms and the possible revival of fossil fuel intensive mining methods is expected to be released this August following the timeline of the aforementioned executive order. Weve seen reports about noise local pollution older fossil generators being restarted in communities Samaras said. These are not trivial loads.

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