The White House Office of Science and Technology Policy (OSTP) plans to release a report on cryptocurrency mining and its environmental impact this summer, after President Biden’s crypto executive order in March.
The OSTP is investigating a wide range of issues surrounding crypto mining, including claims that it could benefit power grids in states like Texas, noise pollution complaints, and the distinctions between proof-of-work and other network consensus processes. According to Bloomberg, the study will be released in August.
Costa Samaras, principal assistant director for OSTP’s energy division, stated:
“If technology is to play a significant role in our financial system, it must be developed ethically and with the lowest possible overall emissions. Miners have established themselves in areas with low electricity costs and good industrial rates. I’d like to see proof that a higher mining fee in the afternoon slows down activities.”
Biden’s executive order mandated that the OSTP collaborate with other agencies and provide a report within 180 days that looked into how blockchain technologies would affect the environment.
The OSTP invited the public to submit comments until May 9, and a group of environmental groups, including Greenpeace and the Environmental Working Group, co-signed a letter warning of the potential “impacts of digital currency” and proposing a set of measures to mitigate their impact on climate change.
They claim that bitcoin’s electricity use is expanding faster than other industries, contributing to climate change and damaging local populations.
House Democrats issued an EPA letter a few weeks ago requesting that the agency look into the potential harmful effects of proof-of-work mining. Following that, a group of more than 50 proponents of bitcoin mining wrote to the EPA, disputing some of the politicians’ assertions.
They argued, for example, that since bitcoin mining does not generate carbon emissions on its own and that miners follow the EPA’s rules, they shouldn’t be singled out from other businesses that use power in the same way.
Read more: New York Senate passes PoW mining banning bill to restrict Bitcoin mining facilities
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