White House Report Analyzes Bitcoin Mining and Its Impact

by in Cryptocurrency News

White House crypto mining

The White House released a report exploring the challenges and opportunities of cryptocurrencies for energy and climate change problems in the US.

Related: President Biden's Proposal Expects $10 B in Crypto Tax By 2032

According to the report, the use of digital assets based on distributed ledger technology is growing. The White House says as an emerging tech innovation, digital assets have offered some advantages and value for some U.S. residents and businesses, and have the potential for future possibilities. However, the report also mentions that some crypto technologies require a large amount of electricity for asset generation, ownership, and exchange.

The White House says electricity usage presents damages like emissions, pollution, etc. The U.S. says that based on the required energy and the technology used, cryptos could hold back achieving broader efforts to reach net-zero carbon pollution. To decrease crypto mining impacts, the government proposes to collect more data on power usage from the sector, advance energy efficiency standards and encourage the use of environmentally responsible crypto-asset technologies.