White House office seeks public opinion on crypto climate implications!

[cryptopio]

Following up on a recent executive order signed by President Joe Biden, the OSTP reached out to the general public to identify the energy and climate implications related to digital assets.

The Office of Science and Technology Policy (OSTP), an executive office of the President of the United States, commenced a study to identify the scope for offsetting energy use and climate changes related to digital assets.

On March 9, U.S. President Joe Biden signed an executive order directing various federal agencies to examine the implications of digital assets on six key areas — consumer and investor protection, financial stability, financial inclusion, responsible innovation, the United States’ global financial leadership and combating illicit financial activity.

As a part of the initiative, the OSTP invited the general public and other stakeholders to share their viewpoints on various factors that contribute to the energy use and climate impacts of all types of digital assets and cryptocurrencies.

President Biden’s executive order requires OSTP to submit a report on digital assets to identify factors that negatively or positively affect energy and climate concerns.

In addition, OSTP seeks public opinion on the potential benefits of digital assets in addressing the rising energy and climate concerns. According to the notice, the federal government will use the findings of the study to dictate future developments or industry trajectories related to digital assets.

The general public and organizations are invited to submit comments on or before 5:00 p.m. ET on May 9, 2022.

[odolvlobo]

A link to the source and information about how to submit comments would be helpful.

[24Kt]

A link to the source and information about how to submit comments would be helpful.

From coindesk's article - https://www.coindesk.com/policy/2022/03/25/white-house-wants-public-comments-on-cryptos-energy-use-and-environmental-impact/

And here is the link where you can submit your formal comment -

https://www.federalregister.gov/documents/2022/03/25/2022-06284/request-for-information-on-the-energy-and-climate-implications-of-digital-assets

I hope some good critics/commentators from this forum will find time to submit a formal comment to this matter. Also, if they will study the climate implications of digital currencies/crypto market, they should also compare it with other existing industries so we know where we are in this climate impact. It would be nice to see a comparative study of the climate implications of crypto market vs. other existing industries.

[DooMAD]

A link to the source and information about how to submit comments would be helpful.

Did you submit those comments on the Fed's white paper?  Not sure if this is part of the same initiative or not.  It seems like the Federal Reserve were asking for comments before Biden's announcement, so perhaps they're unrelated.

[thecodebear]

Hopefully people knowledgable about how Bitcoin mining actually works and how it's good for energy infrastructure and green energy production write in to give the real facts. If politicians actually had a clue about Bitcoin mining they'd be a lot more in favor of it.

[bitmover]

I hope some good critics/commentators from this forum will find time to submit a formal comment to this matter. Also, if they will study the climate implications of digital currencies/crypto market, they should also compare it with other existing industries so we know where we are in this climate impact.

It would be nice to see a comparative study of the climate implications of crypto market vs. other existing industries.

I hope I can help add some information here.

I found an amazing article by bitcoin magazine (probably the best news portal about bitcoin)

https://bitcoinmagazine.com/business/bitcoin-is-environmentally-green

Actual data from the Bitcoin Mining Council (a voluntary global forum that provides data transparency on the mining industry) from October 2021 estimates that the global power mix for Bitcoin miners is 57.5% sustainable energy sources - higher than any other industry or major grid.

I clicked on the you tube video of the Bitcoin Mining Council and got some nice infographics.

We are talking about bitcoin consuming 0.14% of total world energy production!


If this is about US, let's see the impact in the US. So much energy is lost in the US, and bitcoin use of the energy that would be lost otherwise:


Comparing to other countries, bitcoin energy consumption is really negligible:

[Ale88]

Following up on a recent executive order signed by President Joe Biden, the OSTP reached out to the general public to identify the energy and climate implications related to digital assets.

Nice, very nice, and why don't they try to do the same also with banks, gold, etc, etc? Maybe because it could seriously hurt some friends with common interests? It's always funny how they want to picture bitcoin and its mining like world's biggest problem, completely forgetting about all the other (real) problems.