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The Biden administration is concerned about digital currency mining affecting climate change, after the US Office of Science and Technology Policy published a report saying policymakers should crack down on crypto mining. The federal government unit recommends that the Biden administration should encourage more research into mining’s electricity consumption and codify public policy for the entire mining industry.
According to the US Office of Science and Technology Policy (OSTP), bitcoin mining could undermine government efforts to combat climate change. The OSTP document claims crypto mining, particularly blockchains that utilize proof-of-work (PoW), causes air, noise and water pollution, according to a report published by Bloomberg.
OSTP’s report declares that cryptocurrency mining can “raise environmental justice issues for underserved communities.” US President Joe Biden ordered the OSTP and several other agencies to report on the effects of crypto mining last March.
The OSTP report released Thursday is one of the first studies to hit Biden’s desk after he initiated the executive order six months ago. OSTP recommends that the US government should create public policy immediately to stop the pollution allegedly associated with PoW mining.
The Science and Technology Department of the US government believes the federal government must work with state leaders to set public policies that limit the so-called mining pollution.
“Depending on the energy intensity of the technology used, cryptoassets could hinder broader efforts to achieve net-zero carbon pollution in line with US climate commitments and goals,” OSTP explained in the report.
The latest OSTP report leverages a number of studies and data points from previously published research papers. The Department of Science and Technology claims that crypto mining in the United States is too close to the energy used by all American citizens using personal computers today.
It further claims that mining uses about the same amount of energy as America’s diesel-powered railways. OSTP and the Biden administration are under heavy pressure to fight climate change and adhere to the Paris Agreement.
The memorandum of understanding stemming from the Paris Agreement pledges to reduce world emissions by 50% by 2030. OSTP describes in its report that if the federal government cannot work with state leaders at the local level, the Biden administration should leverage laws and executive orders that stop the so-called pollution associated with PoW mining.
“Should these measures prove ineffective in mitigating impacts, the administration should explore executive action, and Congress may consider legislation,” OSTP’s report concludes.
What do you think about OSTP’s bitcoin mining claims? Do you think the Biden administration will respond to this report with regulation and public policy? Let us know what you think about this topic in the comments section below.
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