Everyone knows that crypto mining can use a lot of energy. Blockchain transactions in generally can inhale a lot of server time. All of this means that crypto is not the most energy-efficient sector of Fintech. This fact has caught the eye of elected officials and now the House Committee on Energy and Commerce has scheduled a hearing to discuss the topic.
Committee Chairman Frank Pallone, Jr and Oversight and Investigations Subcommittee Chair Diana DeGette have booked a hearing on the energy impacts of cryptocurrencies for Thursday, January 20, at 10:30 a.m. (EST). The hearing is entitled, “Cleaning Up Cryptocurrency: The Energy Impacts of Blockchains.”
The two Representatives stated:
“In just a few short years, cryptocurrency has seen a meteoric rise in popularity. It’s time to understand and address the steep energy and environmental impacts it is having on our communities and our planet. We look forward to examining cryptomining’s growing energy footprint and how proof of work blockchains, in particular, may migrate toward cleaner alternatives and renewable energy solutions.”
If you are curious as to how much energy Bitcoin consumes, the Cambridge Centre for Alternative Finance has created a helpful website that monitors Bitcoin. You may view the Bitcoin Mining Map here.
The hearing will be both in-person and virtual – live-streamed on the Committee website.