Please don’t skip this message — it only takes a minutes to read. Sorry to bother you, but time is running out.

Bitcoin is freedom. If you think independent, ‘bitcoin-only’ media is important, if you believe information and education about bitcoin matters for adoption, and if you have gained something from our work, we would be grateful if you could chip in $21. 

Join the 2% of our readers who occasionally make a donation. If everyone reading this donated just $21, we would reach our target in a couple of hours. $21 is all we ask for. To cover the cost for our servers, editors, writers, and thumbnail artists we rely on our readers’ generous support. 

How You can chip in:

  • Send sats as a tip to a writer. All of our writers have an active tipping widget.
  • Join our campaign on geyser.fund. 
    Awesome perks are waiting for you such as the limited edition Bukele Blend Coffee from El Salvador.
 

Your support ensures that Bitcoin News stays independent with a laser focus on Bitcoin and only Bitcoin.

DONATE NOW

Mining and Blockchain Energy Take Center Stage at Senate Talks

Mining and Blockchain Energy Take Center Stage at Senate Talks

Support free writers: > send a tip

written by

A recent discussion at the US Senate Committee on Energy and Natural Resources raised the burning issue of crypto mining once again, suggesting that lawmakers are keen to find a legislative balance.

This is unsurprising given recent attention being paid to cryptocurrency and blockchain by the US Senate. Past discussions in Senate bodies over the futures of cryptocurrencies have failed to be overly optimistic but there is a general feeling that the tone is changing. Earlier this year, SEC’s Jay Clayton said to a Senate hearing:

“As Chairman Giancarlo and I stated recently, we are open to exploring with Congress, as well as with our federal and state colleagues, whether increased federal regulation of cryptocurrency trading platforms is necessary or appropriate. We also are supportive of regulatory and policy efforts to bring clarity and fairness to this space.”

This latest hearing which examined aspects of crypto mining were seen as positive, and certainly lacked the hostility of many discussions in the past.

The chairman of the Committee, Sen Lisa Murkowski started on a positive note by looking at advantages that may be offered by blockchain to securing the nations energy infrastructure, given that many utilities had expressed concerns about strains on the energy grid through an increase of crypto mining. This concern, along with those of users in some areas regarding the possibility of hiked energy prices, was addressed by the committee.

On this subject, Thomas Golden representing the Electric Power Research Institute suggested there needs to be more discussion between utility companies and their customers over this question. Claire Henly, managing director of the Energy Web Foundation agreed that “Bitcoin’s energy use is a substantial concern and we know that Bitcoin’s energy use will prevent it from being able to scale”.

She suggested that one possible answer would be to make proof-of-stake and proof-of-authority algorithms far more energy efficient which may add feasible alternatives to scaling a blockchain without requiring large amounts of power.

Not only is it important for the future that sensible discussion at the top level takes place between legislators and all parties on the future of crypto mining in the US, but also to find viable alternatives to make current systems more agreeable for both mining companies and regular consumers.

Another possible development from the discussion were the senators’ views on how blockchain might be used to enhancing the energy sector, including shipping, security and expanding existing tech.

 

Follow BitcoinNews.com on Twitter: @bitcoinnewscom

Telegram Alerts from BitcoinNews.com: https://t.me/bconews

Image Courtesy: Pixabay

Help spread this article :)

BitcoinNews.com is NOT INVESTMENT ADVICE

Opinions expressed are entirely their own and do not necessarily reflect those of BitcoinNews.com

For informational purposes only. Individuals and entities should not construe any information on this site as investment, financial, legal, tax, accounting or other advice. Information provided does not constitute a recommendation or endorsement by BitcoinNews.com to buy or sell bitcoin, cryptocurrencies or other financial instruments. Forecasts are inherently limited and cannot be relied upon. Do your own research and consult a professional advisor. The opinion of authors do not reflect those of BitcoinNews.com 

   Advertisement

bitcoin shop miami

Read More Bitcoin News

Hayek And Bitcoin

Hayek and Bitcoin

Hayek passed long before Bitcoin’s inception, but in his book The Denationalisation of Money, he argued for nothing short of stripping the state of its monopoly power of money itself.

Read More »

   Advertisement

bitcoin shop miami

Join our Newsletter

Video of the Week

   Advertisement

Latest on Bitcoin News

Join our Newsletter

   Advertisement