First Executive order on digital assets development and now bitcoin mining report is on the way, gives hints if there are any regulations from Biden Administration
The cryptocurrencies and networks using proof-of-work mechanisms have been a concern for a long time, since awareness regarding their energy intensive process and environmental effects became mainstream. Apparently, it’s correct to have this at most to take note and check if there are any disadvantages in any technology more than adding any value.
Now it seems that the Biden administration, which is the current United States government, is turning towards the proof-of-work mining sector. According to the principal assistant director for energy at the Office of Science and Technology Policy, Constantine Samaras, the US government is preparing a report specifically on blockchain mining processes.
Samaras said that it’s important to have intense research and reporting about this considering if there are any chances of the mechanism becoming part of the existing financial system. So this becomes crucial to check its development was done responsible and also minimized the overall emissions. He said that there is a need to think about energy conservation and taking care of the climate while considering cryptocurrencies.
ALSO READ –
The report from the Biden Administration is said to be released in August. As per several reports, the report would have intense study related to mining and concerns that are related to mining, including noise pollution, its effect on the environment, heavy use of energy, and many other aspects.
The report from the Biden Administration focusing on proof of work mining or specifically on mining in broader terms, is considered to make quite an impact on the current situation as well as the future of blockchain networks and the overall crypto market. It is also anticipated to consist of pros and cons that are involved with the crypto mining sector and perhaps will also have some suggestions to add regarding the different approach of the mining space.
The mining process is evidently a highly energy intensive process that ensures validation and verification of bitcoin and Ethereum like cryptocurrencies’ transactions on their respective blockchain. Their heavy power consumption and as a result, heat generation as the residue of the process becomes a concern, especially at such extreme times when countries are preparing to deal with climate change, and global warming like situations.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while his post-graduation. He is a keen observer of details and shares his passion for writing along with being a developer. His backend knowledge about blockchain helps him give a unique perspective to his writing
You can get bonuses upto $100 FREE BONUS when you:
💰 Install these recommended apps:
💲 SocialGood - 100% Crypto Back on Everyday Shopping
💲 xPortal - The DeFi For The Next Billion
💲 CryptoTab Browser - Lightweight, fast, and ready to mine!
💰 Register on these recommended exchanges:
🟡 Binance🟡 Bitfinex🟡 Bitmart🟡 Bittrex🟡 Bitget
🟡 CoinEx🟡 Crypto.com🟡 Gate.io🟡 Huobi🟡 Kucoin.
Comments