Members of the us Senate Committee on energy and natural resources asked about the cost of mining cryptocurrency and the possibilities of using blockchain in the public sector.
Like other crypto-related hearings on Capitol hill, the meeting, which was attended by representatives of the public and private sectors, partially served as an information session for legislators who are not very familiar with new technologies.
Unlike past congressional hearings, which at times have been abrupt about the concept of blockchain and cryptocurrency, this time senators of the energy Committee have been largely interested in how technology can be applied to various projects.
Among the speakers were Robert Kahn, CEO and President Corporation for national research initiatives; Paul skare, head of cyber security and technical group Manager Pacific Northwest national laboratory; Thomas Golden, program Manager of technology innovation at the Research Institute of electric power industry; Claire Henley, managing Director of the Foundation Energy Web; and Arvind Narayanan, an associate Professor of computer science at Princeton University.
In her speech, the Chairman of the Committee, Senator Lisa Murkowski from Alaska, noted that"the hearing will consider any benefits of cybersecurity that blockchain and similar technologies can offer to ensure our energy infrastructure."
Problems of mining 
The advanced risk discussed at the hearing concerned the energy needs of cryptocurrency miners. According to Golden, networks based on the proof-of-work (PoW) consensus algorithm that require significant energy costs to prove that "work is complete" tend to require large amounts of energy, such as the bitcoin blockchain.
According to the speakers ' calculations, public blockchains can use from one to five energy worldwide, although, according to Golden, "it is less than 0.1 percent of the total energy use."
Murkowski noted that the growing demand at the local level from mining farms can cause stress to utilities providers and can even damage the electrical network. The Senator's concern is that " mining can lead to increased costs for the provider's customers."
Senator Steve Dines also asked how communities can prepare for the emergence of mining farms using sister power systems.
Golden said energy companies should start talking to local communities about providing opportunities for these companies.
But even the strengthening of some local networks may not be enough. Henley noted that " the use of energy [for mining] bitcoin is a serious concern. We know that using a lot of energy [for mining] bitcoin will not allow the network to scale."
The solution offered by Henley was to look at alternatives to the PoW; the head of the Energy Web, noted that while PoW requires large capacities, algorithms, proof-of-concept (PoC) and proof-of-stake (PoS) is much more energy efficient, and could represent possible alternatives that contribute to scaling blockchain networks, without requiring large amounts of energy.
Security and Federal blockchain 
At various times during the hearing, the conversation has diverted from perceived issues to how blockchain can be applied to the energy sector, including for supply tracking, security Protocol verification, or the use of other existing technologies.
"I would like to start from the security aspect, because I believe that today it is one of the most important issues", — said Senator Maria Cantwell during the opening statement.
In other cases, the senators sought to clarify various aspects of the elements of technology. For example, Senator Catherine Cortez Masto asked about the confidentiality of transactions and whether this could interfere with the duties of law enforcement officers.
Senator bill Cassidy was particularly interested in the specific needs of the US government, asking whether it is technically feasible to develop a blockchain for the Federal government to track cross-border shipments. Narayanan confirmed that such a platform is possible, but will require the participation of all countries.
Although, like previous hearings, no firm conclusions were reached, Murkowski noted that the hearing was educational for the Committee members, possibly creating conditions for further discussion of these topics.
Link to information resource -
https://altstake.io/news/senatory-ssha-podnimayut-problemy-mayninga-i-obsughdayut-blokcheyn
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Topic: US senators raise issues of mining and discuss the blockchain. (Read 617 times)