Energy Impact of Crypto Mining addressed in US House Hearing

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Energy Impact of Crypto Mining addressed in US House Hearing
03 Feb 2022
6 min read

News Synopsis

The negative impact of crypto mining has been a matter of concern for many countries. This is the reason why it has already been banned in many countries. The USA is facing is the same issue and the matter is addressed in the US House Hearing. Five industry experts have presented their testimonies before the US House Energy and Commerce Oversight Subcommittee. The presentation included the negative impacts of crypto mining and how its power consumption rate is excessively high due to being performed on advanced computers.

A former top US banking regulator and the ex-CEO of Binance, Brian Brooks was among the industry experts. The experts came out with alternate ways to power crypto mining, and the use of renewable resources came out to be the common conclusion of the experts.

Recently countries including Iran, Kazakhstan, Kosovo and regions in Russia have imposed a temporary ban on crypto mining. There are also countries that are trying to come up with measures to tackle the issue of crypto mining in an efficient way.

The president of El Salvador, Nayib Bukele has also announced his plans to establish a Bitcoin City at the base of the Conchagua volcano. The mayor of Miami, Francis Saurez is also planning to set up a Bitcoin mining facility near a nuclear power plant in Florida.

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