What's Hot

    a very unprofitable cryptocurrency

    June 30, 2022

    Elrond (EGLD) creates an NFT platform for Romania

    June 30, 2022

    Warren Buffet: His bank Nubank becomes conducive to cryptocurrency trading

    June 30, 2022
    Facebook Twitter Instagram
    Facebook Twitter Instagram
    THECRYPTNEWS
    • Home
    • News
    • Guides
    • NFT
    • Analysis
    THECRYPTNEWS
    Home » Misleading Memo for US House Hearing on Bitcoin & Ethereum Mining Includes ‘Basic Errors’
    News

    Misleading Memo for US House Hearing on Bitcoin & Ethereum Mining Includes ‘Basic Errors’

    AdminBy AdminJanuary 18, 2022No Comments3 Mins Read
    Share
    Facebook Twitter LinkedIn Pinterest Email


    Source: Adobe/greenbelka

    A hearing on crypto mining scheduled to take place in the US House of Representatives Committee on Energy & Commerce this week is already raising alarms in the crypto industry as a pre-published memo revealed what some called “basic errors” in lawmakers’ understanding of the field.

    The hearing, titled Cleaning Up Cryptocurrency: The Energy Impacts of Blockchains, will focus on “the energy and environmental impacts” of crypto mining. Specifically, issues relating to proof-of-work (PoW) blockchains like Bitcoin (BTC) and, in its current state, Ethereum (ETH), which the memo said “requires enormous amounts of energy,” is expected to be addressed.

    “One analysis indicates that the energy required to validate just one ETH transaction today could power a US home for more than a week, while the energy required for a BTC transaction could power a home for more than 70 days,” the memo said in its introduction to the topic.

    The memo went on to add that alternatives to PoW, such as proof-of-stake (PoS), exist, and that these technologies “demonstrate that exponential energy consumption is not necessary for cryptocurrencies to function.” (Learn more: ‘Fiat-Like’ Proof-of-Stake Chains Favor Centralization & Rich Players)

    Commenting on the pre-published memo, Jake Chervinsky, a well-known lawyer in the crypto space and Head of Policy at the Blockchain Association, said it was “not all bad,” although he noted that it commits “basic errors,” including “repeating the fallacy of ‘per transaction’ carbon emissions.”

    Meanwhile, Brian Brooks, CEO of major blockchain technology firm Bitfury and a former Comptroller of the Currency in the US, who will be present at the hearing, said that he plans to focus on what he called “the positive renewable energy incentives of Bitcoin.”

    The former regulator added that the role of PoW in trustless networks and network security, as well as Bitfury’s work to reduce energy consumption in crypto mining will also be important topics in his remarks.

    Lastly, Sam Callahan, an analyst at BTC broker Swan bitcoin, said the memo for the hearing sounded more like an event to promote the use of Ethereum, which is planning to move to PoS, than an honest discussion about crypto mining.

    “Sounds like anti-PoWers trying to push ETH. I’m glad Brian Brooks is going to be there,” the analyst wrote.

    The hearing is scheduled to take place on Thursday, January 20 at 10:30 EST (15:30 UTC), and will be streaming live.
    ____
    Learn more:
    – Bitcoin & Crypto Mining in 2022: New Locations, Technologies, and Bigger Players
    – How Bitcoin Mining Might Help Nations With Domestic Energy Production

    – A Closer Look at the Environmental Impact of Bitcoin Mining
    – Bitcoin Miners Adapt Fast As EU Mulls ‘Climate-Friendly Cryptoassets’



    Share. Facebook Twitter Pinterest LinkedIn Tumblr Email
    Admin
    • Website

    Related Posts

    Work on a Multi-CBDC Platform Has Revealed ‘More Questions Than Answers’ – BIS

    March 22, 2022

    Japan’s Crypto Exchanges Set to Speed ​​Up and Simplify Crypto Listing Process

    March 22, 2022

    Crypto Donations To ‘Freedom Convoy’ Evade Government Seizure

    March 22, 2022

    DeFiance Founder’s USD 1.76M Loss is a Lesson For NFT Investors

    March 22, 2022
    Add A Comment

    Leave A Reply Cancel Reply

    Recent Posts

    • a very unprofitable cryptocurrency
    • Elrond (EGLD) creates an NFT platform for Romania
    • Warren Buffet: His bank Nubank becomes conducive to cryptocurrency trading
    • Vitalik Buterin explains why and how he created Ethereum (ETH)
    • Florida: Orlando wants to become the center of the metaverse

    Recent Comments

    No comments to show.

    Subscribe to Updates

    Get the latest sports news from THECRYPTNEWS.

    Advertisement

    Archives

    • June 2022
    • May 2022
    • April 2022
    • March 2022
    • February 2022
    • January 2022
    • December 2021

    Categories

    • Analysis
    • Guides
    • News
    • NFT

    The leader in news and information on cryptocurrency, digital assets and the future of money, THECRYPTNEWS is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies.
    We're social. Connect with us:

    Facebook Twitter Instagram Pinterest YouTube WhatsApp Reddit
    Top Insights

    a very unprofitable cryptocurrency

    June 30, 2022

    Elrond (EGLD) creates an NFT platform for Romania

    June 30, 2022

    Warren Buffet: His bank Nubank becomes conducive to cryptocurrency trading

    June 30, 2022
    Get Informed

    Subscribe to Updates

    Get the latest creative news from THECRYPTNEWS

    Facebook Twitter Instagram Pinterest
    • Home
    Copyright © 2021 Thecryptnews.com

    Type above and press Enter to search. Press Esc to cancel.

    We use cookies on our website to give you the most relevant experience by remembering your preferences and repeat visits. By clicking “Accept All”, you consent to the use of ALL the cookies. However, you may visit "Cookie Settings" to provide a controlled consent.
    Cookie SettingsAccept All
    Manage consent

    Privacy Overview

    This website uses cookies to improve your experience while you navigate through the website. Out of these, the cookies that are categorized as necessary are stored on your browser as they are essential for the working of basic functionalities of the website. We also use third-party cookies that help us analyze and understand how you use this website. These cookies will be stored in your browser only with your consent. You also have the option to opt-out of these cookies. But opting out of some of these cookies may affect your browsing experience.
    Necessary
    Always Enabled
    Necessary cookies are absolutely essential for the website to function properly. These cookies ensure basic functionalities and security features of the website, anonymously.
    CookieDurationDescription
    cookielawinfo-checkbox-analytics11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Analytics".
    cookielawinfo-checkbox-functional11 monthsThe cookie is set by GDPR cookie consent to record the user consent for the cookies in the category "Functional".
    cookielawinfo-checkbox-necessary11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookies is used to store the user consent for the cookies in the category "Necessary".
    cookielawinfo-checkbox-others11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Other.
    cookielawinfo-checkbox-performance11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Performance".
    viewed_cookie_policy11 monthsThe cookie is set by the GDPR Cookie Consent plugin and is used to store whether or not user has consented to the use of cookies. It does not store any personal data.
    Functional
    Functional cookies help to perform certain functionalities like sharing the content of the website on social media platforms, collect feedbacks, and other third-party features.
    Performance
    Performance cookies are used to understand and analyze the key performance indexes of the website which helps in delivering a better user experience for the visitors.
    Analytics
    Analytical cookies are used to understand how visitors interact with the website. These cookies help provide information on metrics the number of visitors, bounce rate, traffic source, etc.
    Advertisement
    Advertisement cookies are used to provide visitors with relevant ads and marketing campaigns. These cookies track visitors across websites and collect information to provide customized ads.
    Others
    Other uncategorized cookies are those that are being analyzed and have not been classified into a category as yet.
    SAVE & ACCEPT

    DMCA - Terms and Conditions - Privacy Policy