Is it Time to Press the Panic Button on Crypto Mining?

It’s barely a secret that human beings boast a ton of unique features. Now, while all these features are significant in their own right, we cannot just overlook how few of them actually play a bigger role in our lives than the others. For instance, if we look at our problem-solving abilities, we would realize that the humans simply won’t be able to function without such an element. There is, in fact, enough evidence available to back this claim up. Even with, let’s say, a creation like technology at our disposal, humans have faced a need to devise solutions for treating some glaring inconsistencies. The said inconsistencies, in turn, have appeared bearing a different look and severity every single time, so we had to be creative beyond our limits. In hindsight, we can say that we did a good job of it, but we better not rest on our laurels because yet another tech-related challenge is awaiting us, and as things look right now, it’s going to be a long fight.

Congress is formally ramping up its efforts to clean up the cryptocurrency mining process. To get the ball rolling, we recently saw several Congress members indulging in a debate about how US can handle the crypto boom without losing sight of the environmental consequences. According to certain reports, the debate focused largely on two main avenues, which revolved around using renewable energy for powering the mining system or just committing to blockchains that seemingly require less overall energy. One fact worth noting here would be that, at present, the government is more concerned about bitcoin mining than a setup involving any other cryptocurrency. This is the case due to bitcoin’s “proof of work” approach. The said approach helps bitcoin in securing ledger of transactions and the blockchain as whole, but like you can expect, we pay a price for the enhanced security by using more electricity, and consequentially, bolstering carbon emissions.

“Given our current climate objectives, examples like this are deeply concerning. Our focus now needs to be reducing carbon emissions overall, and increasing the share of green energy on the grid,” said Diana Degette, Representative (D-CO).

To gain a perspective on the current state of affairs, if bitcoin was a country, it will be right up there at 27th in regards to most power-exhausting nations. Apart from being an obstacle in President Biden’s climate change goals, the bitcoin rage is also doing everything to weaken country’s already under-strain power grid, hence we need a solution before it gets too late.

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