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US to ban crypto mining if GHG emission not reduce: Report

A White House report released on September 8, made a number of recommendations for reducing the significant energy consumption associated with crypto mining. 

The Department of Energy (DOE) and the Environmental Protection Agency (EPA) should offer technical support on the matter, according to the White House report. The main objective of the rules is to reduce the negative effects of bitcoin mining, it noted. It highlighted that the emissions, noise, water damage, and negative economic impacts of crypto-asset mining should be limited.

The report’s recommendation is that more statistics and data be gathered by the government about the amount of energy used by the bitcoin mining sector. The paper also warned that the business, including Bitcoin mining, might be outlawed if the required outcomes from the adoption of green crypto mining are not seen.

The report marked:

“Should these measures prove ineffective at reducing impacts, the Administration should explore executive actions. Congress might consider legislation, to limit or eliminate the use of high energy intensity consensus mechanisms for crypto-asset mining.”

The research included information on the energy consumption of various crypto assets. The PoW algorithm is used in the energy-intensive process of mining bitcoin. With the merge approaching soon, Ethereum, which formerly adhered to the same consensus, is transitioning to the PoS consensus.

The merger will stop the energy-intensive mining process and increase Ethereum’s energy efficiency by 99%. The change might help to lessen the carbon footprint left by ETH mining.

The US government’s programme aims to reduce carbon emissions brought on by cryptocurrency mining in order to combat climate change. Additionally, it is a component of the shared effort to protect the environment, human health, ecosystem, and infrastructure.

Read more at Cryptoshrypto:

US law enforcement recovers $30 million worth of cryptocurrency out of $625 million Ronin Bridge hack: Report

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