White House Explores Crypto Mining and Its Energy Impact

by in Cryptocurrency News

White House crypto mining

The White House is exploring the mining of cryptocurrencies and its impact on the environment. A report by Bloomberg informs that a task force now is examining the benefits and shortcomings of the sector to develop proper policy suggestions.

Related: White House to Present Government Policy of Crypto in February

Costa Samaras, who serves in the White House Office of Science and Technology Policy as the Principal Assistant Director for Energy, talked about the study's perspectives. He mentioned the importance of responsible and eco-friendly development if cryptos are going to be part of the US financial system. Samaras noted that digital assets must be based on the protection of climate and consider the use of energy.

A report which will introduce the results of the analysis, is supposed to be completed in August. It will compare Proof of Work and Proof of Stake mining techniques assessing various factors such as sound pollution and efficient energy use. Samaras said the team has seen different reports on sound, pollution, the work of fossil fuel power stations, etc. He noted: the loads aren’t trivial.

Earlier, in March president Biden presented an executive order on cryptos, which asked government agencies to study the crypto industry and create a regulatory ground for digital currencies.