Cryptocurrency mining is flocking to the US, making it an increasingly dominant venue. But the White House is concerned about the carbon footprint.
The Biden administration is reportedly preparing policy recommendations to reduce the energy consumption by cryptocurrency mining rigs and control emissions footprint.by Bloomberg, the report on energy consumption that will include cryptocurrency mining, emissions, grid strain, and noise is expected to release in coming August.
“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.” However, many view the role of the federal government as forming disclosures to market players who will then enforce crypto miners to clean up their operations.
“I have a really hard time seeing some sort of a stick approach. I think the most bang for their buck is going to be on education and disclosure of bitcoin mining – and that would send a huge signal, too.”announced
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