Leaders of a powerful US congressional committee asked the heads of four large cryptocurrency mining companies to share data on their energy usage and what resources meet their electricity demand amid concerns that the energy-intensive industry could exacerbate climate change.
The request follows other recent efforts by lawmakers to scrutinize the environmental and energy impacts of blockchain technology.
"Some of the largest crypto mining companies in the country continue to rely primarily on the electrical grid for their power source," read an Aug. 17 letter from leaders of the US House Energy and Commerce Committee. "This can drive up peak demand and may even breathe new life into fossil fuel generators."
The increased energy demand and potential for burning more fossil fuels to power cryptocurrency facilities "only serves to undermine the potential climate benefits of blockchain technology and hold us back from achieving our climate pollution reduction goals," the committee...
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INN caught up with cryptocurrency investment expert Dan Hoover to review the current landscape and where the market may be heading. The cryptocurrency investment marketplace has gone through severa...