Congress Announces Hearing On Bitcoin’s Energy Use
The Bitcoin Policy Institute has recently issued a rebuttal to the letter that prompted the hearing.The U.S. Congress will hold a hearing on the energy use and environmental impact of bitcoin mining on January 20, its Energy and Commerce Oversight Subcommittee announced on Thursday.The move was prompted by a letter sent to the House in October by a cohort of national and international climate organizations that argued against the energy usage of Bitcoin and its Proof of Work (PoW) system.“We, the more than 70 climate, economic, racial justice, business and local organizations, write to you....
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Crypto allies dominate the list of witnesses slated to appear before the House Committee on Energy and Commerce. As U.S. Congress is preparing to take a thorough look at the energy use of crypto mining, the list of witnesses for the Thursday hearing contains more proponents of blockchain technology than its outright critics.The House Energy and Commerce Oversight Subcommittee announced a hearing on “Cleaning Up Cryptocurrency: The Energy Impacts of Blockchains” last week, with the event itself scheduled for Jan. 20. The focus of the hearing will be on the energy and environmental effects....
U.S. Senator Elizabeth Warren criticized Bitcoin and cryptocurrencies yesterday in a Banking Senate Subcommittee hearing. In the hearing, Warren criticized the energy consumption that Bitcoin and other proof-of-work (PoW) cryptocurrencies need to operate. Warren also thinks cryptocurrencies are the “wild west” of investments and called for a regulatory crackdown on the industry. Some on social media were quick to bite back, however, pointing out Warren’s flawed logic and perceived hypocrisy. Senator Elizabeth Warren Takes on Bitcoin Senator Elizabeth Warren declared her....
While we are unlikely to see immediate policy effects of the exchange, legislators got educated on a wide array of blockchain-related concepts and issues. On Jan. 20, the Oversight and Investigations subcommittee of the U.S. Congress House Energy and Commerce Committee convened a hearing to investigate the environmental effects of cryptocurrency mining. Despite the narrow focus, the conversation that ensued – which many industry experts appraised as a meaningful educational experience for the lawmakers – touched upon a range of blockchain-related issues and themes beyond energy....
The hearing, "Digital Assets and the Future of Finance: Understanding the Challenges and Benefits of Financial Innovation in the United States," is the latest from Congress to explore the issues concerning crypto assets. Maxine Waters, the chair of the House Committee on Financial Services, has announced several chief executive officers at major crypto firms in the United States will speak at a hearing to discuss digital assets and the future of finance.According to a Wednesday announcement, Waters said Circle CEO Jeremy Allaire, FTX CEO Sam Bankman-Fried, Bitfury CEO Brian Brooks, Paxos....
A recent meetup on the Capitol Hill highlighted several key debates that will define the mining industry’s development in the years to come. On Jan. 27, a group of eight U.S. lawmakers, led by Senator Elizabeth Warren, sent letters to the world’s six largest Bitcoin mining companies, demanding to reveal the detailed data on their electricity consumption. This isn’t the first time Senator Warren requested this information from a mining operation — last month a similar letter was sent to Greenidge Generation, which uses a natural gas plant to power its facility.These moves highlight the....