According to recent evidence, Joe Biden’s government is currently concentrating on bitcoin (BTC) mining. She focuses her research on how Proof-of-Work (PoW) affects the environment. The goal of this study was described on July 2, 2022 by Costa Samaras, Senior Deputy Director of Energy for the White House Office of Science and Technology Policy (OSTP). He contends that in order to be “developed responsibly,” cryptocurrencies must be capable of completely minimizing emissions. Despite this, the US government plans to reveal the findings of the ongoing study soon.
Review of mining techniques
The research report will be made public by the US government in August, according to the Deputy Director of OSTP. One aspect of this paper will focus on how mining bitcoins (BTC) using the Proof-of-Work (PoW) consensus affects the environment. On the other side, it will discuss Proof-of-Stake (PoS), the other widely used consensus in the cryptocurrency industry, as well as its effects on the environment. The energy team in President Joe Biden’s administration will carry out the study.
However, Samaras stated in an interview that it is crucial for cryptocurrencies to be created ethically and with the least amount of overall emissions if they are to play any significant role in our financial system “. Climate and energy must be discussed when thinking about digital assets, he continued.
Mining for Bitcoin (BTC) has recently been the topic of intense discussion. There have been many unfavorable views expressed on the matter due to the huge energy usage that would result from the process. Analysis has revealed that mining cryptocurrencies can really be good for the environment. The Bitcoin (BTC) blockchain, for instance, would use 50 times less resources than the conventional banking system, claims a research.
The goal is to identify effective policy responses.
The US government, according to Mr. Samaras, is seeking appropriate policy solutions to the issues brought on by the Proof-of-Work (PoW) and Proof-of-Stake (PoS) algorithms. In a world that switches to Proof-of-Stake or one that should run on a constant mix of Proof-of-Work and Proof-of-Stake, he said, “We need to think about what the right policy responses would be “. Proof-of-Work is power-hungry by design, but it also improves security, the speaker added.
Recall that in the first week of March 2022, US President Joe Biden signed an executive order concerning cryptocurrencies. We wonder if the Biden administration would not recommend further reforms in light of the announcement of the publishing of this new report on digital assets, which is nonetheless portrayed as a straightforward investigation.
The administration of Joe Biden has started a study on bitcoin (BTC) mining and the effects of PoW and PoS consensus on the environment. Some experts believe that the study’s conclusion, which will be released in August, may include new cryptocurrency reforms.
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