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Bitcoin: US senators hat a meeting about mining power consumption

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On March 7, US senators addressed a meeting of the Committee on the Environment and Public Works with the energy consumption of crypto mining. The committee was chaired by Democratic Senator Ed Markey of Massachusetts. “Crypto mining has exploded in the United States over the past two years. It’s extremely energy intensive,” Markey said.

A number of experts were also interviewed during the meetings. Including Courtney Dentlinger, vice president of customer service and external affairs for the Nebraska Public Power District. She commented positively on the mining activities. According to Dentlinger, crypto miners can use energy infrastructure very efficiently and help stabilize power grids.

Markey, meanwhile, wants one draft law advance, which should increase the transparency of the electricity consumption of the US mining companies “so that we have the information about the impact on the climate”. Also invited as experts were Rob Altenburg, Director of Energy and Climate at PennFuture, and New York State Representative Anna Kelles.

Bitcoin: Proof of Work vs. Proof of Stake

The meeting also discussed the Proof of Work and Proof of Stake consensus processes. Markey advised the crypto industry to consider less energy-intensive methods of generating assets.

The energy consumption of the Bitcoin network has always been a controversial topic. Opponents of the blockchain accuse the network of disproportionate resource consumption and climate damage. Proponents, on the other hand, see Bitcoin as the basis of an economy that is significantly more ecological and resource-efficient in the long term than the current financial model.

In this way, bitcoin mining can efficiently tap off overproduced electricity, which is mainly produced in the generation of sustainable energies such as wind power.

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