Biden administration is reportedly drafting a policy that would mitigate the negative impact of Bitcoin mining
CMU professor Dr. Costa Samaras, who joined the White House as principal assistant director for energy and OSTP chief advisor for energy policy last November, says that it is vital to minimize total emissions if Bitcoin becomes a"meaningful" part of the financial system.
Details about the administration's approach to regulating cryptocurrency mining remain scant, and it is not clear whether any actual policy will be enacted. In January, Senators Elizabeth Warren , Maggie Hassan , Jeff Merkley , Edward J. Markey , Sheldon Whitehouse as well as several Democratic members of the House of Representatives, expressed their concerns over Bitcoin's high energy usage in letters sent to various cryptocurrency mining companies.
Warren has repeatedly stated that Bitcoin's massive carbon footprint could undermine environmental goals. The flagship cryptocurrency now consumes more electricity than countries like Argentina. Input Output CEO Charles Hoskinson has already seized the opportunity to pitch Cardano as an environmentally friendly alternative in a recent tweet.
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