The Biden administration is reportedly crafting policies intended to lower energy consumption and emissions from bitcoin mining.
The Biden administration is reportedly crafting policies intended to lower energy consumption and emissions from bitcoin mining.
- The White House is drafting policy to address bitcoin mining as it seeks to lessen energy consumption and emissions.
- In March 2022, President Biden signed an executive order in a “whole of government” approach to regulate the broader cryptocurrency market.
- Per the executive order’s timeline, a report is expected to be released in August detailing climate impact and other governing concerns.
The Biden administration is crafting policy recommendations aimed at lessening the energy consumption and emissions footprint of Bitcoin and other proof-of-work (PoW) cryptocurrencies, according to a report from Bloomberg Law[2].
The publication said it spoke to the principal assistant director for energy for the White House Office of Science and Technology Policy, Costa Samaras, who offered some insight into the impending policy attempts.
“It’s important, if this is going to be part of our financial system in any meaningful way, that it’s developed responsibly and minimizes total emissions,” Samaras reportedly said. “When we think about digital assets, it has to be a climate and energy conversation.”
Regulators were tapped by President Biden’s administration earlier this year[3] in a “whole of government” approach to understanding and regulating the broader cryptocurrency space as Biden signed an executive order[4]. The order set timeframes, most within a 120 to 180-day period, to publish reports in conjunction with other governing bodies intended to guide the administration through a largely misunderstood market.
According to the report, the Energy Department, which issues many of the efficiency standards likely being discussed, did not provide comment on
