The negative impact that crypto mining has had on electricity grids in many parts of the world has become a major concern for many countries. This is the situation in America as well. Recently, five industry experts presented their testimony before the US House Energy and Commerce Oversight Subcommittee. The theme was “Cryptocurrency Cleanup: The Energy Effects of Blockchain”. Since crypto mining needs to be done on advanced computers, its power consumption rate is extremely high.
Finding alternative ways to power crypto mining operations, perhaps from renewable resources, emerged as a general conclusion of industry experts.
Brian Brooks, former top US banking regulator and former CEO of Binance US, joins industry experts Presented His opinion on crypto mining.
He argued that ultimately, this energy-consuming process Bitcoin Mining will prove to be “economically productive”. Brooks also noted that mining of physical elements such as gold also consumes high amounts of energy.
Gregory Zurzan, a shareholder in the business law firm Jordan Ramis, John Belizere, founder and CEO of Soluna Computing, and Steve Wright, a recently retired former general manager of Chelan County in Washington, offered similar opinions in their testimony. The two pioneered the idea of encouraging crypto mining using clean energy sources.
An interesting argument in favor of blockchain technology, but which was escalated in criticism of bitcoin’s high-powered mining demands. ari juelso, a technology professor at the prestigious Cornell University.
“The tremendous promise of blockchain The technology does not require bitcoin or its energy-intensive component called proof-of-work,” Jules said.
he said that Ethereum Blockchain’s transition to Proof-of-Stake (PoS) could consume “very little power” and support smart contracts as well as non-fungible tokens (NFT) – unlike bitcoin.
The power-eating and environmental impact of crypto mining began to erupt in parts of the US last year.
In October, several New York City businessmen contacted Governor Kathy Hochul to deny permits regarding the conversion of the city’s old fossil fuel plants into crypto mining centers.
“Proof of Work” cryptocurrency Mining uses enormous amounts of energy to power the computers needed to do business – should this activity expand to New York, it could significantly undermine New York’s climate goals established under the Climate Leadership and Community Protection Act is,” letter to the mayor Reading,
In the state of Texas, too, a surge in bitcoin mining activity has led to power outages, leading to the death of many people during the winter.
Mining operations for the four major cryptocurrencies released up to an estimated 13 million metric tons of carbon dioxide between January 1, 2016 and June 30, 2018, according to a research. report good Claimed last year.
In recent times, regions around the world including Iran, Kazakhstan, Kosovo, and in areas Russia Steps like a temporary ban on crypto mining had to be taken. Georgia’s Svaneti City Pledges to Crypto Miners solemn oath Against joining the process due to power shortage.
With these concerns rising up the heat, some sectors are taking effective measures with crypto mining to tackle the issue.
Nayab Bukele, President El Salvador has disclosed its plans for construction a bitcoin city Based at the Conchagua Volcano, to power bitcoin mining with renewable energy and tackle the carbon footprint issue associated with the process.
Miami Mayor Francis Suarez has also proposed setting up a bitcoin-mining facility near a nuclear power plant in Florida. according to a report Latest News by Today, nuclear power is on the verge of being recognized as a true Environmental, Social and Corporate Governance (ESG) solution in terms of energy.
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