thecoinrepublic.com
- The U.S has been organized to investigate the implications of cryptocurrency mining operations’ energy use.
- “Clearing Cryptocurrency: The Energy Implications of Blockchains,” with an objective to know blockchain energy use, as they might cause environmental difficulties in the future.
Over the previous year, the Bitcoin mining industry has caught the curiosity of various countries, and it appears that the United States government is becoming interested in this area.
As a result, a hearing in the United States has been organized to investigate the implications of cryptocurrency mining operations’ energy use. According to the House Committee on Energy and Commerce, the Subcommittee on Oversight and Investigations will hold a public hearing on the matter next Thursday, January 20.
“Clearing Cryptocurrency: The Energy Implications of Blockchains”
The American Committee on Energy and Trade was founded in 1795 and has a long history with the United States Congress.
This group has spent the majority of its time arguing international trade, public health, and the market interests of the world’s main economies.
The study is titled “Clearing Cryptocurrency: The Energy Implications of Blockchains,” and the Subcommittee is particularly interested in knowing about blockchain energy use, with the assumption that they may cause environmental difficulties in the future. The hybrid hearing will also be live-streamed on YouTube on the scheduled day.
Notably, as a result of the ongoing emphasis on climate change, investors are being urged to gradually adopt funds that hold more sustainable enterprises under the Environmental, Social, and Governance (ESG) umbrella rather than investing in fossil fuel activities.
The energy subcommittee of Congress will hold a hearing on bitcoin
Bitcoin has had many ups and downs in its brief 13-year history; nonetheless, one of the most recent efforts to discredit this technology is based on the fact that it is energy-intensive.
Bitcoin supporters claim that individuals who oppose digital currency have not considered the cost of technology in comparison to the traditional banking system, or the energy necessary to move paper money around the world.
Meanwhile, they regard Bitcoins as a global currency that operates decentralized and is not subject to the control of any single country.
The US: a fast-expanding crypto market
In reaction to the fast expansion of US mining companies following China’s mining ban, the local mining sector organized the foundation of a Mining Council in 2021, which is headed by Michael Saylor and Elon Musk.
Given that some of these companies are currently publicly listed on the New York Stock Exchange, unlike enterprises doing business in Asian countries, the embargo will not be enforced in the United States as it was in China.
Nonetheless, the public hearing will result in the formation of a variety of measures against cryptocurrency mining in the United States, a country that is already being investigated for stricter rules in this area.