White House Threatens To Ban Bitcoin Due To Environmental Impact
White House threatens to ban Bitcoin due to environmental impact. Bitcoin and other cryptocurrencies have always been subject to criticism due to their high level of energy consumption. However, the White House has since made statements wishing to make changes to the current crypto mining industry.
White House’s Statements
In a report published on Thursday mandated by President Biden back in March, The White House Office of Science and Technology Policy called for more research to be done on the environmental impacts of crypto mining.
The report proposes for the government to collect more data and statistics on what exactly are the effects of crypto mining on the environment, details of the power consumption of the crypto mining industry, as well as the scale of impact of crypto mining.
WHITE HOUSE REPORT: CLIMATE AND ENERGY IMPLICATIONS OF CRYPTO-ASSETS IN THE UNITED STATES
It’s not about climate change, it’s about complete and utter control.
Don’t give them one inch. pic.twitter.com/HA4qZSg4XM
— Dylan LeClair 🟠 (@DylanLeClair_) September 8, 2022
Along with that, the report also pushes for crypto miners to reduce their greenhouse gas emissions through seeking aid and help from agencies such as the Department of Energy, the Environmental Protection Agency, and other federal agencies.
Threat Of Crypto Ban
The White House noted that if these efforts to lower environmental impact of crypto mining doesn’t work and shows no positive results, the crypto mining industry that uses the energy-intensive proof-of-work consensus, including Bitcoin mining, could face being banned in the United States alltogether.
Related: Ethereum Merge May Help Provide Positive Public View Of Crypto
“Should these measures prove ineffective at reducing impacts, the Administration should explore executive actions. Congress might consider legislation, to limit or eliminate the use of high energy intensity consensus mechanisms for crypto-asset mining,” the report stated.
This threat of banning is done due to the U.S’ current efforts to reduce carbon emissions in order to fight climate change. Bitcoin and other energy-intensive crypto mining is regarded to as “hindering climate commitments and goals,” according to the report.
For more info regarding Crypto Alpha and NFTs Alpha. Always follow us on Twitter and Instagram