What U.S. Lawmakers Need To Know About Proof-Of-Work Mining’s Energy Consumption
Today, Proof-Of-Work mining’s environmental impact is the topic at hand in the U.S. Congress. The House Energy and Commerce Committee is probably debating the subject right this minute. Will they use sources from both sides of the debate or will they rely on the sensationalist reports that have the world up in arms? Can we […]
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One major argument against Bitcoin is the amount of energy used in mining new blocks. Regulators have gone all out to curb the proof-of-work blockchain’s energy consumption and reduce its environmental impact. However, the latest findings show that Bitcoin mining energy usage only accounts for a small portion of the world’s energy production. The Bitcoin […]
Before the Merge upgrade, in 2022, the energy consumption of Ethereum ranged between 46.31 terawatt hour (TWh) per year to 93.98 TWh per year. The Merge, which is considered one of the most significant blockchain upgrades on Ethereum (ETH) to date, brought down the network’s energy consumption by 99.9% immediately.On Sept. 15, the Ethereum blockchain migrated from proof-of-work (PoW) to a proof-of-stake (PoS) consensus mechanism in an effort to transition into a green blockchain. What followed was an immediate and steep drop in total energy consumption of the Ethereum network.The Ethereum....
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....
Four members of the U.S. House Committee on Energy and Commerce said they were "deeply concerned" that Proof-of-Work mining could increase demand for fossil fuels. Four members of the United States House of Representatives from the Energy and Commerce Committee have demanded answers from four major crypto mining firms in regards to the potential effects of their energy consumption on the environment.In letters dated Wednesday to Core Scientific, Marathon Digital Holdings, Riot Blockchain, and Stronghold Digital Mining, U.S. lawmakers Frank Pallone, Bobby Rush, Diana DeGette, and Paul Tonko....
Bitcoin has created a vast mining sector within the network’s economy that is growing exponentially. Mining bitcoin has spread the technology towards new thoughts concerning energy consumption, ways to utilize bitcoin mining’s heat source, greener energy solutions and more. Making Better Use of Bitcoin Mining’s Energy Consumption. As it stands today, the....