{"id":5515,"date":"2022-07-08T22:12:19","date_gmt":"2022-07-08T22:12:19","guid":{"rendered":"http:\/\/cryptoheretostay.com\/?p=5515"},"modified":"2022-07-08T22:12:20","modified_gmt":"2022-07-08T22:12:20","slug":"biden-administration-expected-to-publish-report-on-bitcoin-mining-and-the-industrys-impact-on-climate","status":"publish","type":"post","link":"https:\/\/cryptoheretostay.com\/?p=5515","title":{"rendered":"Biden Administration Expected to Publish Report on Bitcoin Mining and the Industry&#8217;s Impact on Climate"},"content":{"rendered":"<p> <script type=\"text\/javascript\">\r\namzn_assoc_placement = \"adunit0\";\r\namzn_assoc_tracking_id = \"totafreearti-20\";\r\namzn_assoc_ad_mode = \"search\";\r\namzn_assoc_ad_type = \"smart\";\r\namzn_assoc_marketplace = \"amazon\";\r\namzn_assoc_region = \"US\";\r\namzn_assoc_default_search_phrase = \"crypto\";\r\namzn_assoc_default_category = \"All\";\r\namzn_assoc_search_bar = \"false\";\r\namzn_assoc_title = \"\";\r\namzn_assoc_rows =\"1\";\r\n<\/script>\r\n<script src=\"\/\/z-na.amazon-adsystem.com\/widgets\/onejs?MarketPlace=US\"><\/script><br \/>\n<\/p>\n<p><strong>According to a new report, U.S. president Joe Biden and his administration are focused on proof-of-work (PoW) mining. The principal assistant director for energy for the White House Office of Science and Technology Policy (OSTP) discussed the research report on July 2, 2022. The OSTP official, Costa Samaras, said if digital currencies plan to stick around then it is important that these financial systems are \u201cdeveloped responsibly and minimizes total emissions.\u201d<\/strong><\/p>\n<h2>White House Eyes Bitcoin Mining and the Industry\u2019s Emissions<\/h2>\n<p>A new report will be published by the White House in August according to the OSTP principal assistant director, and the study will focus on proof-of-work (PoW) mining and its effects on the environment. Constantine (Costa) Samaras detailed on July 2 that the Biden administration\u2019s energy team plans to look at mining farms working with applied demand response programs, and the two most popular crypto consensus models, proof-of-work (PoW) and proof-of-stake (PoS).<\/p>\n<p>\u201cIt\u2019s important if this is going to be part of our financial system in any meaningful way, that it\u2019s developed responsibly and minimizes total emissions,\u201d Samaras told reporters at the news outlet Bloomberg Law. \u201cWhen we think about digital assets, it has to be a climate and energy conversation.\u201d<\/p>\n<p>Bitcoin mining has received a lot of negative attention over the energy consumption used to confirm transactions and secure the PoW blockchain. However, two recent studies have shown contrarian views that highlight how BTC mining could actually be beneficial to the environment. For instance, one specific study shows that the Bitcoin network leverages 50 times less energy than the traditional banking system. Another environmental, social, and governance (ESG) report highlights findings showing bitcoin mining could potentially eliminate a significant amount of leaked methane, and stressed that no technology could do it better.<\/p>\n<h2>OSTP Official Says the White House Needs to Look at the \u2018Appropriate Policy Responses Under a World That Shifted to Proof-of-Stake\u2019 and the Security Benefits of Proof-of-Work<\/h2>\n<p>Despite positive studies, Samaras has seen the negative reports that have been published over the past year that say there\u2019s \u201cnoise, local pollution, older fossil generators being restarted in communities \u2014 These are not trivial loads.\u201d Samaras explained that the White House energy team plans research policy response concepts that are appropriate for PoW and PoS algorithms. \u201cWe need to think about what would be the appropriate policy responses under a world that shifted to proof-of-stake, or a world that has some continuous mix of proof-of-work and proof-of-stake,\u201d Samaras remarked during the interview. The White House\u2019s principal assistant director for energy added:<\/p>\n<p>Proof-of-work is energy-intensive by design, but it also increases security.<\/p>\n<p>The statements from Samaras follow U.S. president Joe Biden\u2019s crypto executive order (EO) issued during the first week of March 2022. The crypto EO establishes a \u201cnational policy for digital assets across six key priorities.\u201d The White House was supposed to establish the crypto-focused EO in February, but the Ukraine-Russia war started. In April 2022, U.S. representative Michael McCaul (R-TX) urged Biden to create a \u201crobust strategy\u201d so crypto cannot be used by international enemies to avoid financial sanctions. Currently, the upcoming White House report concerning crypto mining seems to be simply research, but many wonder if government policies could come out of the new study and Biden\u2019s aggressive climate change strategy.<\/p>\n<p>Tags in this story<\/p>\n<p>Biden Administration, Bitcoin mining, BTC Mining, Constantine (Costa) Samaras, Costa Samaras, crypto executive order, Energy Team, Government, Joe Biden, kanye west white house, Michael McCaul, Office of Science and Technology Policy, OSTP, PoS, PoW, Proof of Work, Proof-of-Stake, Regulations, report, White house<\/p>\n<p><em><strong>What do you think about the Biden administration\u2019s plans to publish a report on crypto mining and its impact on the environment? Let us know what you think about this subject in the comments section below. <\/strong><\/em><\/p>\n<p>Jamie Redman <\/p>\n<p class=\"article__body__author__info__about\">\nJamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 5,700 articles for Bitcoin.com News about the disruptive protocols emerging today.<\/p>\n<p><i class=\"td-icon-font td-icon-twitter\"\/><\/p>\n<p class=\"images_credits\"><em>Image Credits: Shutterstock, Pixabay, Wiki Commons<\/em><\/p>\n<p><strong>Disclaimer<\/strong>: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.<\/p>\n<p>More Popular NewsIn Case You Missed It<\/p>\n<p><script type=\"text\/javascript\">\r\namzn_assoc_placement = \"adunit0\";\r\namzn_assoc_tracking_id = \"totafreearti-20\";\r\namzn_assoc_ad_mode = \"search\";\r\namzn_assoc_ad_type = \"smart\";\r\namzn_assoc_marketplace = \"amazon\";\r\namzn_assoc_region = \"US\";\r\namzn_assoc_default_search_phrase = \"bitcoin\";\r\namzn_assoc_default_category = \"All\";\r\namzn_assoc_search_bar = \"false\";\r\namzn_assoc_title = \"\";\r\namzn_assoc_rows =\"1\";\r\n<\/script>\r\n<script src=\"\/\/z-na.amazon-adsystem.com\/widgets\/onejs?MarketPlace=US\"><\/script><br \/>\n<br \/><a href=\"https:\/\/news.bitcoin.com\/biden-administration-expected-to-publish-report-on-bitcoin-mining-and-the-industrys-impact-on-climate\/\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>According to a new report, U.S. president Joe Biden and his administration are focused on proof-of-work (PoW) mining. The principal assistant director for energy for the White House Office of Science and Technology Policy (OSTP) discussed the research report on July 2, 2022. The OSTP official, Costa Samaras, said if digital currencies plan to stick [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":5516,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","_wp_rev_ctl_limit":""},"categories":[1],"tags":[],"class_list":["post-5515","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-crypto-updates"],"_links":{"self":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/5515","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=5515"}],"version-history":[{"count":1,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/5515\/revisions"}],"predecessor-version":[{"id":5517,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/5515\/revisions\/5517"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/media\/5516"}],"wp:attachment":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=5515"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=5515"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=5515"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}