In a recent meeting, the White House Office of Science and Technology Policy proposed a ban on Bitcoin proof-of-work mining, due to the amount of electricity produced, to combat climate change.
Climate change has become a preceding issue for the US and the rest of the world. Biden’s government has been making efforts to reduce energy consumption within the US by limiting crypto mining.
Bitcoin utilizes the proof-of-work consensus mechanism that requires computers to consume tons of energy to perform mathematical equations and create new crypto tokens.
The reports state that around 0.2% and 0.3% of carbon emissions come from the US due to crypto mining. The ministry proposes a “limit or eliminate” to limit energy consumption or ban cryptocurrency.
Considering the increasing amount of interest in Bitcoin and cryptocurrencies leaves the Biden administration to decide whether they want to keep the miner operation or not.