Joe Biden want a greener Bitcoin
Cryptocurrency mining farms have already proven time and time again that they can be very beneficial to the regions in which they are located. But, to no avail, the cliché of Bitcoin being "planet-destroying" persists because of the energy consumption required for its Proof of Work consensus. Joe Biden's administration is now demanding that this cryptomining be greener, or else... Chinese-style banishment!
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WOULD MINING BITCOIN KILL BABY SEALS AND GENOCIDE POLAR BEARS?
Criticizing China for its authoritarian regime seems reasonable, but imitating its censorship policy against Bitcoin seems much less reasonable. But that's what a recent report from Joe Biden's Oval Office says.
Entitled "Climate and Energy Implications of Crypto-Assets in the United States," the report invokes the God of Ecology in an attempt to block the very young, but dangerous, competitor to the U.S. dollar that is Bitcoin.
The White House Office of Science and Technology Policy thus estimates that PoW digital currency mining contributes significantly to energy consumption and emissions of CO2 and other greenhouse gases.
"Cryptocurrency mining produces greenhouse gas emissions and exacerbates climate change (...) Crypto-mining primarily uses electricity purchased from the grid. The electricity generated at power plants to power crypto mining (...) can harm the environment and human health."
JOE BIDEN ONLY WANTS BTC MINED WITH METHANE AND RENEWABLE ENERGY
Curiously, this White House service does not give a comparison of this supposed environmental nuisance of cryptos with that of shale oil extraction (very polluting, and yet widespread in the USA). This comparison could have been interesting though, right?
But Bitcoin and its Proof of Work brethren are graced with one small possible way out. Crypto-mining could be tolerated... Only if it uses 100% green energy! Particularly by capturing and using methane emissions (BTC miners didn't wait for the White House for this).
"The crypto-asset industry can potentially use methane (...) to generate electricity for mining. Methane is produced during natural gas drilling and transportation, as well as from oil wells, landfills, wastewater treatment and agricultural processes. (...) "
And if not, what? If not, then we will have to "eliminate" Bitcoin:
"If these measures prove ineffective in reducing impacts, the Joe Biden Administration should consider executive actions, and Congress may consider legislation, to limit or eliminate the use of energy-intensive consensus mechanisms for cryptocurrency [ed. note: Bitcoin, primarily] mining."
In this report, Joe Biden's staff even goes so far as to cite China as an example. Indeed, the country with the single party and the president for life has notably invoked ecological reasons to try to ban Bitcoin from its soil between June and September 2021 (without real success). It seemed to us more like it was to wipe out any competition for its digital yuan, issued by the Chinese Central Bank. But maybe that's just because we don't blindly believe in the pretexts invoked by states, to do what suits them.
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