all about cryptop referances
According to a new report, US President Joe Biden and his administration are focused on proof-of-work (PoW) mining. The White House Office of Science and Technology Policy (OSTP) Chief Energy Officer discussed the research report on July 2, 2022. The OSTP official, Costa Samaras, said that if digital currencies plan to stay, it is important that these financial systems are “developed. responsible and minimizes total emissions. “
A new report will be published by the White House in August, according to OSTP’s Chief Assistant Director, and the study will focus on proof-of-work (PoW) mining and its effects on the environment. Constantine (Costa) Samaras detailed on July 2 that the Biden administration’s energy team plans to look at mining farms working with applied demand response programs, and the two most popular cryptocurrency consensus models, proof-of-work (PoW) and proof-of-effort (PoS).
“It is important if this is to be part of our financial system in any meaningful way, that it is developed responsibly and minimizes total emissions,” Samaras told reporters at the Bloomberg Law news outlet. “When we think of digital assets, there has to be a climate and energy conversation.”
Bitcoin mining has received a lot of negative attention over the energy consumption used to confirm transactions and secure the PoW blockchain. However, two recent studies have shown conflicting views highlighting how BTC mining can actually be beneficial to the environment. For example, a specific study shows that the Bitcoin network uses 50 times less energy than the traditional banking system. Another environmental, social and governance report (ESG) highlights findings that show that bitcoin mining can potentially eliminate a significant amount of leaked methane, and stressed that no technology can do it better.
Despite positive studies, Samaras has seen the negative reports that have been published over the past year that it is “noise, local pollution, older fossil generators that are being restarted in local communities – these are not trivial burdens.” Samaras explained that the White House energy team is planning research policy response concepts that are appropriate for PoW and PoS algorithms. “We have to think about what would be the right political reactions during a world that went over to proof-of-stake, or a world that has a continuous mix of proof-of-work and proof-of-stake,” Samaras said. during the Interview. The White House’s most important assistant director of energy added:
Proof-of-work is energy-intensive, but it also increases safety.
The statements from Samaras follow US President Joe Biden’s executive order for crypto (EO) issued during the first week of March 2022. Krypto-EO establishes a “national policy on digital assets across six key priorities.” The White House was to establish the cryptocurrency EO in February, but the war between Ukraine and Russia began. In April 2022, US Representative Michael McCaul (R-TX) called on Biden to create a “robust strategy” so that crypto could not be used by international enemies to avoid economic sanctions. For now, the forthcoming White House report on crypto-mining seems to be quite simple research, but many are wondering if the government’s policy can come out of the new study and Biden’s aggressive climate change strategy.
What do you think of the Biden administration’s plans to publish a report on crypto mining and its impact on the environment? Tell us what you think about this topic in the comments section below.
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