White House Urges Action on Crypto Mining to Stop Climate Pollution
The
US administration is concerned about digital currency mining
operations affecting climate change after the U.S. Office of Science and
Technology Policy published a report that urges politicians to take urgent
action against crypto mining. The report recommends the Biden administration
encourage research on electricity consumption in mining and set public policy
for the mining industry.
Crypto Mining Is Threatening US Climate Efforts
The
U.S. Office of Science and Technology Policy (OSTP) has indicated that bitcoin
mining could restrain the government’s efforts to battle climate change. The
OSTP document claims crypto mining operations and particularly blockchains
cause widespread air, noise, and water pollution.
The
OSTP’s report declares that cryptocurrency mining could "raise
environmental justice issues for underserved communities." U.S. President
Joe Biden ordered the OSTP and several other agencies to report on the effects
of crypto mining production last March.
The
OSTP report published on Thursday is one of the first studies to be tabled
after Biden initiated the executive order six months ago. The OSTP recommends
that the U.S. government should create public policy to stop the pollution
allegedly associated with PoW
(Proof-of-Work) mining.
The
Science and Technology Department of the government of the United States believes that the federal government should work with state
leaders to develop public policy that reduces so-called mining pollution.
"Depending
on the energy intensity of the technology used, crypto assets could hinder
broader efforts to achieve net-zero carbon pollution in line with US climate
commitments and goals," the OSTP report explains.
Executive Actions Are Necessary for Compliance
The
latest OSTP report uses several studies and data points from previously published
research papers. The Science and Technology Department claims crypto mining
operations in the U.S. account for close to the amount of energy used by all
U.S. citizens using personal computers today.
It
further claims that mining uses roughly the same amount of energy as America’s
diesel-fueled railroads. The OSTP and the Biden administration are hard-pressed
to battle climate change while adhering to the Paris Agreement.
The
Memorandum of Understanding of the Paris Agreement pledges a 50% reduction of
global emissions by 2030. The OSTP report suggests that if the federal
government cannot work with the state leaders, then the Biden administration
should seek laws and executive orders that stop the so-called pollution
tethered to PoW (Proof-of-Work) mining.
"Should
these measures prove ineffective at reducing impacts, the administration should
explore executive actions, and Congress might consider legislation," the
report concludes.
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