You’ve got to start somewhere. A congressional hearing on environmental effects of cryptocurrency mining provided educational experience for lawmakers that could influence future policy.
On Jan. 20, the Oversight and Investigations subcommittee of the U.S. Congress House Energy and Commerce Committee convened a hearing to investigate the environmental effects of cryptocurrency mining. Despite the narrow focus, the conversation that ensued — which many industry experts appraised as a meaningful educational experience for the lawmakers — touched upon a range of blockchain-related issues and themes beyond energy consumption. Here is how it went down, and what comes next..
John Belizaire of Soluna Computing stated that Bitcoin’s energy consumption should be seen as a feature rather than a bug because crypto mining can create efficiencies by using excess renewable energy. Steve Wright, a former general manager of a public utility district in Washington state, shared his experiences of interacting with crypto miners who flocked into the area due to abundance of cheap electricity, while former acting Assistant Secretary of the U.S.
Florida Representative Neal Dunn showed off some advanced knowledge of Bitcoin economics when he asked Brian Brooks about the relationship between BTC halving and mining efficiency. Dunn also stated that the nation needs to produce more energy anyway, and powering innovative industries such as crypto mining is a good use of this growing capacity.
"Chairwoman DeGett set the right tone from the very beginning, the tone of"we are here to learn." Representatives asked good questions and wanted to get educated on these problems." "It’s clear to me that legislators are seeing the value of blockchains. It was refreshing to see that they understand the numerous areas, like health care records and energy management, that will make our lives more efficient and secure."