A Bloomberg Law report states that a policy recommendation is being crafted by the Biden administration which aims to reduce the energy consumption and Bitcoin emission footprint and other proof-of-work (PoW).
Costa Samaras – principal assistant director for energy for the White House Office of Science and Technology Policy provided some awareness regarding the approaching policy attempts to the publication.
Samaras stated that if the policy was to be a part of their financial system it is of vital importance that it should be developed responsibly and reduce total emissions. It has to be a climate and energy talk when thinking about digital assets.
As part of a “whole of government” approach” to understanding and regulating the broader cryptocurrency space, President Biden’s administration enlisted the help of regulators earlier this year when he signed an executive order.
Reports were to be published in partnership with other governing bodies planned to advise the administration through a mostly misconstrued market within the timeframe set by the order which is mostly within a 120 to 180-day period.
The Energy Department responsible for providing several efficiency standards probably under discussion refused to comment matter of PoW-based cryptocurrencies like Bitcoin, but the insight was provided by Samaras on the matter.
Samaras also stated that thought should be given regarding what the relevant policy responses would be in a world that shifted to proof-of-stake, or a world containing a constant blend of proof-of-work and proof-of-stake. Proof-of-work is designed to be energy-intensive, but it also enhances security.
A report aimed at revealing emissions, noise pollution, energy efficiency for various consensus mechanisms, and the achievable recovery of fossil fuel-intensive mining methods is awaited to be released this August subsequent to the agenda of the preceding executive order.
We’ve heard reports of noise, local pollution, and older fossil generators restarting in communities, Samaras said. These are not insignificant loads.
Source link
