Several nations have shown interest in the Bitcoin mining industry over the past year, and it looks as if the US government is beginning to take an interest in this area.
As a consequence, a hearing has been organised in the United States to examine the repercussions of cryptocurrency mining operations’ energy use. Indeed, the House Committee on Energy and Commerce’s Subcommittee on Oversight and Investigations will hold a public hearing on the matter next Thursday, January 20, according to the committee.
“On Thursday, January 20, 2022, at 10:30 a.m., the Committee on Energy and Commerce’s Subcommittee on Oversight and Investigations will host a hybrid hearing that will feature both in-person and remote attendance.”
The study is titled “Clearing Cryptocurrency: The Energy Implications of Blockchains,” and the Subcommittee is particularly interested in learning about blockchains’ energy usage, on the assumption that they would eventually cause environmental difficulties. The hybrid hearing will also be streamed live on YouTube on the designated day.
The American Committee on Energy and Trade was founded in 1795 and has a long history of association with the US Congress.
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This organisation has spent the majority of its existence discussing issues relating to international business, public health, and the market interests of the world’s main economies.
Following the formation of an energy committee in recent years, the committee has begun to examine the corporate usage of energy.
Notably, investors are being urged to gradually embrace funds that invest in more sustainable enterprises classified as Environmental, Social, and Governance (ESG) rather than fossil fuel activities as a consequence of the ongoing focus on climate change.
In this instance, the group is monitoring miners’ re-entry into the United States after China’s 2021 crackdown on cryptocurrency mining, which resulted in more lucrative mining.
Bitcoin has had many ups and downs in its brief 13-year history; nevertheless, one of the most recent attempts to discredit this technology is based on its energy-intensive nature.
Bitcoin proponents claim that individuals who reject digital currency have failed to examine the expenses of technology in comparison to the traditional banking system or the energy necessary to move paper money across the world.
Meanwhile, they see Bitcoins as a global currency that operates independently and is not governed by any one authority.
In response to the fast growth of US mining enterprises after China’s mining ban, the local mining sector arranged the establishment of a Mining Council in 2021, which is chaired by Michael Saylor and Elon Musk.
Due to the fact that numerous of these enterprises are already publicly listed on the New York Stock Exchange, the restriction will not be applied in the United States as it was in China.
Despite this, the public hearing will result in the establishment of a variety of measures aimed at preventing cryptocurrency mining in the United States, a country that is already being studied for tighter regulation in this field.
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