The White House is concerned that crypto production may affect climate change initiatives


The White House is concerned that the manufacture of cryptocurrencies such as Bitcoin (BTC) may have a detrimental impact on the environment, which might undermine U.S. efforts to combat climate change.

The discovery throws the Biden administration smack dab in the heart of an already contentious debate about the carbon footprint of digital assets. For months, opponents have voiced worries over the amount of energy used by bitcoin mining operations.

Interestingly, while the White House Office of Science and Technology Policy did not suggest specific regulations, the study released on September 8 said that the United States must take steps to limit emissions linked with bitcoin production.

According to the organization, the federal government should collect more data on power use and set norms in collaboration with states and the crypto industry.

According to the analysis, crypto operations in the United States require almost as much energy as personal computers.

President Joe Biden signed a comprehensive executive order on cryptocurrencies in March, which included the initiation of the probe. In the next weeks, it is expected that other federal ministries and offices will provide suggestions and analyses about how the federal government should treat the asset class.

The 8th of September results align with the Biden administration’s focus on climate change mitigation. Since early 2021, government agencies in the United States have initiated a range of global warming-related activities.

Robert Kiyosaki, author of the personal finance book ‘Rich Dad, Poor Dad,’ is afraid that Biden would usher in a future similar to George Orwell’s ‘1984’, as the order was referred to as ‘spyware’ on The Rich Dad podcast.

Numerous computers compete to solve difficult mathematical problems to produce new currencies and verify transactions on the Bitcoin and Ethereum (ETH) blockchains, with the winner adding additional verified transactions to the blockchain in exchange for token prizes.

The Ethereum network will undergo a huge software upgrade known as the Merge this month, which will convert the blockchain to a less energy-intensive way.

Also Read: House Republicans question the Federal Reserve on the digital dollar

Leave A Reply

Your email address will not be published.