The House Of Energy and Commerce Will Hold A Hearing Regarding The Energy Implications Of Blockchain And Cryptocurrency
The House committee will hold a hearing on the energy and environment impacts of digital currency mining this week. The Energy and Commerce Subcommittee with Oversight and Investigations will discuss the impact of cryptocurrency on emissions, stating “in just a few short years, cryptocurrency has seen a meteoric rise in popularity” they look forward to understanding its growing energy footprint.” This marks a shift from Congress previously ignoring the environmental issue. In recent months, companies have been buying up power plants to mine Bitcoin – including those formerly associated with coal – raising concern among leaders.
Cryptocurrency is a decentralized form of digital currency. Using blockchain, multiple computers are required to confirm the transaction. This process can use large amounts of energy. Environmental groups have raised concern about this growing industry’s impact on climate change and the overall health of the planet.
The House committee will discuss how cryptocurrency mining impacts emissions. They hope to examine this booming industry for energy impact and potential alternatives – including renewable energy solutions – to be used for mining cryptocurrencies like Bitcoin.
The Energy and Commerce Committee has scheduled a hearing titled, “Cleaning Up Cryptocurrency: The Energy Impacts of Blockchains.” As environmental groups push Congress to take action on cryptomining, lawmakers are beginning to pay attention; Crypto companies have been buying power plants to mine Bitcoin, a process that requires a lot of energy. Some say cryptomining is on track to use as much electricity as the US by 2020.
The committee hopes to examine the impacts on emissions and discuss legitimate alternatives for mining cryptocurrencies, such as renewable energy solutions. However, in recent months companies have been increasingly turning to existing power plants to mine Bitcoin – including those formerly associated with coal – drawing concern from leaders.
The committee will discuss how cryptocurrency mining impacts emissions as well as the growing energy footprint the industry has been able to achieve in a short time span. They hope to examine this booming industry for energy impact and potential alternatives – including renewable energy solutions – to be used for mining cryptocurrencies like Bitcoin.