Cryptocurrency Report from the White House! “Ban If Needed”

Investors struggling with a busy agenda follow the statements of monetary policy makers and regulators on the one hand.

Amid this busy agenda, a report on cryptocurrencies came from the US White House Office of Science and Technology.

This report, the first public response as part of Biden’s executive order on cryptocurrencies, urged the government to do more research on the energy implications of cryptocurrency mining.

While it was stated in the report that the energy needs of cryptocurrencies differ, some determinations were made.

“Global electricity generation for cryptoassets with the largest market capitalization is 140 ± 30 million tonnes of carbon dioxide per year, or about 0.3% of global greenhouse gas emissions.”

The report recommended that more research is needed to understand the effects of cryptocurrencies on energy and carbon emissions.

In the report, it was stated that Congress could also consider banning high energy density cryptocurrency mining if the measures are insufficient.

The relevant part of the report is as follows:

“The Environmental Protection Agency (EPA), Department of Energy (DOE) and other federal agencies should initiate a collaborative process with the crypto-asset industry to establish standards for the responsible design, development and use of environmentally sound cryptoasset technologies.

These should include time-strengthening standards for meeting the electrical load and for carbon-neutral production.

If these measures fail to mitigate the impacts, the Administration should investigate executive actions and Congress may consider legislation to limit or eliminate the use of high energy density consensus mechanisms for cryptoasset mining. “

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