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In this video, I discuss the latest White House report on crypto assets and their environmental impact, particularly Bitcoin’s proof of work consensus mechanism, which is used in Bitcoin mining.
The White House wants to examine closely Bitcoin mining’s impact on greenhouse gases, but doesn’t want to talk about US military or politician private jet carbon footprints. Proof of war is much harder on the environment than proof of work.
The report did touch on the use of renewables like landfill methane and vented/flared natural gas as alternate ways of powering Bitcoin miners.
We are still quite far away from a potential executive order or legislation banning Bitcoin mining in the US. Even if a ban were instituted, it would most likely be ineffective, as was China’s ban.
It’s impossible to enforce individuals running SHA-256 hashes from the comfort and privacy of their own homes.
Also banning Bitcoin mining in the US would simply drive Bitcoin miners to other countries which may be using far fewer “renewables” like wind and solar in their power grids.
As more and more Americans and their politicians own Bitcoin, it will become increasingly difficult and even impossible to ban Bitcoin mining or Bitcoin usage.
Not investment advice! Consult a financial advisor.
President Biden Signs Long-Awaited Crypto Executive Order:
White House report on Bitcoin mining and energy usage:
White House: Bitcoin Mining Must Be GreenerโOr US Should Ban It:
Using landfill methane to mine Bitcoin:
Even China couldn’t stop Bitcoin mining:
Why Bitcoin Mining Is Good For The Environment:
How Bitcoin Mining Helps The Electric Grid:
SHA-256 hash calculator:
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#bitcoin
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โถ Coinbase Website: Coinbase.com
โถ CEX Website: cex.io
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