Biden’s administration worries about crypto currency mining operations having an impact on climate change. This is after the U.S. Office of Science and Technology Policy issued a report that recommended politicians take steps to stop cryptocurrency mining. The federal government’s entity recommends the Biden administration should encourage more research about mining’s electricity consumption and codify public policy for the entire mining industry.
Office of Science and Technology Policy Report Claims That Something Should Be Done in Order to End Crypto Mining Pollution
According to the U.S. Office of Science and Technology Policy (OSTP), bitcoin mining could curb the government’s efforts to battle climate change. Bloomberg published a document from the OSTP claiming that crypto mining operations, specifically those using proof-of-work blockchains (PoW), could cause pollution of air, water, and noise.
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 hit Biden’s desk after he initiated the executive order six months ago. The OSTP recommended that the U.S. create a policy for pollution prevention immediately to address the alleged PoW mining.
According to the United States Government’s science and technology division, the federal government must work with state leaders to create public policies that reduce 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 explained in the report.
White House Science and Tech Department Says if the Federal Government Can’t Get States to Cooperate Then Executive Actions Are Necessary
The OSTP’s latest report draws on a variety of data points and studies from previous research papers. Scientists and technologists claim that crypto mining operations in the United States account for almost all energy utilized by U.S. residents who are using personal computers.
It further claims that mining uses roughly the same amount of energy as America’s diesel-fueled railroads. Both the OSTP administration and Biden are under pressure to combat climate change and adhere to the Paris Agreement.
The memorandum of understanding stemming from the Paris agreement pledges to reduce the world’s emissions by 50% by 2030. The OSTP reports that if there is no agreement between the federal government and state leaders on the local level, the Biden administration can leverage legislations and executive orders to stop pollution tied to PoW mines.
“Should these measures prove ineffective at reducing impacts, the administration should explore executive actions, and Congress might consider legislation,” the OSTP’s report concludes.
What do you think about the OSTP’s claims about bitcoin mining? Is it likely that the Biden administration will respond to this report by enacting regulation and public policies? Comment below to let us know your thoughts on this topic.
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