06/06/2022
Soaring energy costs and climate goals are gradually drawing the Biden administration’s attention towards the toll that the mining of Bitcoin and other cryptocurrencies is having on the environment.
The government has tasked a technical team with analyzing these issues, and making recommendations to legislators on Capitol Hill.
The White House is very seriously examining the impact of cryptocurrency mining on the climate, and the high levels of energy consumption by mining farms operating in the United States.
To better curb the issue, the administration of President Joe Biden is preparing a series of policy recommendations for release, according to principal assistant in the energy section of the Office of Science and Technology Regulation, Costa Samaras.
The recommendations aim to reduce the energy consumption and carbon footprint of cryptocurrency mining. The U.S. government hopes to thoroughly tackle the impact of mining activities, which are contributing to overloads of the country’s electrical network and threatening climate objectives, according to critics.
"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," Samaras, a professor at Carnegie Mellon University, told Bloomberg.
More Pressure on Industry Investors
The report is expected to be ready by the middle of the year. Through its release, legislators are expecting to attain a broader base of support for the approval of regulatory measures on mining activities.
According to the publication, it is not yet clear which government agency will be charged with carrying out the regulations approved by Congress. So far, what is known is that authorities in the energy sector, such as the EPA (Environmental Protection Agency) will not.
