The White House Is Seeking Public Comment on the Energy Consumption and Environmental Impact of Crypto
The White House Office of Science and Technology Policy is now working on a study examining the role of cryptocurrency in the country’s climate objectives.
The White House science and technology team is seeking public opinion on the effect of cryptocurrency on energy usage and climate change.
According to a document published in the Federal Register on Friday, President Joe Biden directed the White House’s Office of Science and Technology Policy (OSTP) to prepare a report on the “potential for digital assets to impede or advance efforts to address climate change and the transition to a clean and reliable electricity grid.”
The energy effect of cryptocurrency — more specifically, the energy-intensive proof-of-work crypto mining – has been a topic of contention in recent years, as governments across the world have introduced measures to restrict proof-of-work mining, citing environmental concerns.
Proponents of the industry have pushed back against those concerns, claiming that the data used to forecast crypto energy usage – some of which claim that proof-of-work mining consumes more energy than some industrialised nations each year – is unreliable or irrelevant.
Additionally, cryptocurrency and blockchain technology have been proposed as a possible solution to environmental concerns, such as carbon accounting and lowering emissions from gas flaring.
The OSTP’s upcoming report is one attempt to elucidate the environmental impact of cryptocurrency. The White House will accept written submissions from interested parties through May 9.