Altcoins Talks - Cryptocurrency Forum
Cryptocurrency Ecosystem => Crypto currency Mining => Topic started by: Pagla on January 21, 2022, 07:24:18 AM
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Crypto mining's energy use will be in the crosshairs Thursday as the House of Representatives Energy and Commerce Committee discusses its environmental impact. The Subcommittee on Oversight and Investigations will question five witnesses about proof-of-work consensus mechanisms, how crypto networks are powered and what tools or solutions exist to mitigate environmental impacts.
The hearing comes one day after E&E News, a Politico subsidiary, revealed that the Environmental Protection Agency blocked two coal-powered power plants primarily focused on bitcoin mining from continuing to operate coal ash, a "toxic slurry produced from coal power."
“The profitability of mining and the increase of the value of [proof-of-work] cryptocurrencies over time supports massive investments in mining facilities, which require ever-increasing amounts of energy to power and cool machines,” a hearing memo said.
More Information (https://cryptonews.net/en/news/mining/3049145/)
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Most likely, it should be expected that the mining of cryptocurrencies with an energy-intensive PoW algorithm will be banned by states. At the G20 summit, states committed to take action to reduce greenhouse gas emissions that affect the current rapid climate change. Of course, in order to show their activity, it is easier to pay attention to the cryptocurrency, in the development of which states, in principle, are not interested. Therefore, every cryptocurrency using PoW needs to be prepared for such a ban. First of all, it concerns bitcoin.