US Congress Holds Hearing Focused on Energy Use in Crypto Mining Today

On Thursday at 10:30 a.m. EST, the US House of Representatives Committee on Energy and Commerce will hold a hearing on the environmental impact of cryptocurrency mining. The Research and Research Council questioned five witnesses about the evidence of the approval of the operation, the manner in which communication was conducted and the tools or solutions available to reduce environmental impacts.

The day before the hearing, E&E News, a Politico organization, said the US Environmental Protection Agency (EPA) blocked two power companies, most of which mine bitcoin, from working ashes continued. To buy ".

Cornell Institute of Technology Professor Ari Juels, Soluna Computing CEO John Belizaire, BitFury CEO Brian Brooks, Former Chelan County Utility District Superintendent Steven Wright, and Jordan Member Gregory Zerzan Ramis, discussed the views of the audience. -Questions about consensus issues and the mixed power that drives cryptocurrencies.

Senator Darren Soto asked Professor Juels how data oracles that link blockchain data to off-chain processes could help improve mining.

“The problem with blockchain is that there is no direct internet connection for many reasons,” Juels said. Accordingly, what the oracle does is link the blockchain to off-chain systems, web servers, other blockchains, etc. So you could think of the oracle as a smart bond or the eye of a blockchain, and the ear. .

Steve Wright said big data leaders like Microsoft and Google want to be more aware of their impact on local consumer electronics and their customers than crypto mining traders.

In response to questions from Congresswoman Lori Trahan about the mining potential of Proof of Stake, Prof. Juels said Proof of Stake and Proof of Performance are The option is valid for cryptocurrencies. , and centralization is the problem with: issues related to network dynamics that can affect both systems.

Professor Juels refutes that crypto-mining technology has improved. Miners are different from the bulbs in our house. Higher efficiency means less power. As a result, individual mining rigs have become a powerhouse. This is particularly evident in the case of total electricity consumption, which has increased further over the past year.

Congressman Neal Dunn said the best way to eliminate the environmental impact of mines is to bring them to the United States from countries like China and Kazakhstan.

President Ann McLane Kuster said there are terrorist attacks on mining projects that use more carbon, but there are also industry leaders working to reduce carbon emissions.

"Honestly, I think there's a lot of concern about budget allocation and lack of financial management," Wright said in a speech Thursday.

Research's Cathy Rodgers claims that blockchain activity will increase by 395% between 2020 and 2021.

Asked by Congressman David McKinley about the power of securities for my Bitcoin, Gregory Zerzan said, "Cryptocurrency miners typically use energy that won't be wasted. One of the great things about cryptocurrencies is that it's not, you're using energy, waste, waste energy.”

Most of these sessions focused on the basics of blockchain, identifying what it is and how it works.

Steve Wright talks about his experience working with miners in Washington State. Miners have a difficult history supporting their work because renewable energy is cheap.

"The cost of clean energy in the electricity industry has increased as the cost of carbon-emitting electricity has fallen," Wright said.

Juels concludes, “The Bitcoin community deserves to benefit greatly from the introduction of blockchain to the world. But we have an alternative to using cloud-proof-of-stake. This new choice for the environment and energy infrastructure.