Bitcoin Daily: US Reflects on Crypto Mining Impact

Erik Thedéen, one of the European Union’s top financial regulators, believes the EU should ban the system used to mine bitcoin due to power consumption concerns, according to a Financial Times report on Wednesday (January 19th).

Thedéen, speaking to the outlet, said there should be a ban on “proof of work” crypto mining as power consumption was becoming an issue in his native Sweden.

“Bitcoin is now a national issue for Sweden due to the amount of renewable energy that goes into mining,” Thedéen told the FT.

Bitcoin would have consumed 0.6% of the world’s electricity, according to reports from the Cambridge Bitcoin Electricity Consumption Index.

According to Swedish regulators, Europe will have to ban bitcoin to meet the Paris climate target of 1.5°C. go to bitcoin mining.

Both bitcoin and ether are issued through the proof-of-work system, which incentivizes miners to use more computing power and electricity to validate blockchain transactions and earn tokens.

In related news, a list of witnesses testifying before the Energy and Commerce Oversight Committee on bitcoin mining energy consumption includes several industry professionals.

The hearing will take place on Thursday, January 20. Bitfury CEO Brian Brooks is expected to appear, along with Soluna Computing CEO John Belizaire, whose company uses portable bitcoin mining machines to meet the demand and supply of power grids. renewable energy providers.

Ari Juels, a Cornell Tech professor who wrote in a 2016 crypto article about how smart contracts could be used for criminal activity, is also expected to appear.

In addition, Steve Wright, former CEO of the Chelan County Utility District and the Bonneville Power Administration, and Jordan Ramis shareholder Gregory Zerzan will both be in attendance.

The hearing will aim to better understand the power consumption of bitcoin and why it is needed.

It comes after a slew of national and international climate organizations sent a letter to lawmakers about how proof-of-work mining could be a problem for the climate in the long run.

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