Big play by Dems in their zest for saving the globe from warming.
In the past there had been theories in social media that crypto currencies could help governments around the world catch bad guys involved in money laundering, drugs smuggling, ransomware and other nefarious activities. Not sure how accurate were such claims but with this crackdown could Dems be undermining such efforts IF there was any vilidity behind such theories?
Democrats Target Bitcoin Mining in Latest Green Energy Push
Martin Young
Thu, January 20, 2022,
The loudest critic, as usual, has been vehemently anti-crypto senator Elizabeth Warren who reiterated her concerns over the energy usage of Bitcoin (BTC) mining.
The condemnation came before a House Energy and Commerce Committee hearing titled “Cleaning Up Cryptocurrency: The Energy Impacts of Blockchains” on Jan. 20.
Warren issued a statement claiming that the high energy usage and carbon emissions associated with Bitcoin mining could “undo much of our work to tackle the climate crisis,” before adding “not to mention the harmful impacts crypto mining has on local environments and electricity prices.”
A large portion of the hearing was an explanation of what cryptocurrencies and blockchains were and why the mining process uses as much energy as it does.
A memo from the office of House Energy and Commerce Chair Frank Pallone ahead of the hearing described the situation as a “vicious circle” with market volatility driving demand which increases mining power consumption as more miners compete for the next block.
According to Cambridge University, Bitcoin mining consumes an estimated 138.8 TWh (terawatt hours) per year which is equivalent to that of Ukraine. Earlier this week, EU leaders also took a swipe at Bitcoin mining with some calling for a ban.
finance.yahoo.com/news/democrats-target-bitcoin-mining-latest-034815798.html
Related
Bitcoin’s growing energy problem: ‘It’s a dirty currency’
https://www.ft.com/content/1aecb2db-...3-3b929291c8ac
U.S. Seizes $6.1 Million in Cryptocurrency in Ransomware ...
Nov 8, 2021 — U.S. Seizes $6.1 Million in Cryptocurrency in Ransomware Crackdown ... against a cryptocurrency exchange and arrests of alleged hackers, ...
wsj.com/articles/u-s-seizes-6-1-million-in-cryptocurrency-in-ransomware-crackdown-11636407681
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