JUST IN: White House Proposes Banning Bitcoin Mining

The White House Office of Science and Technology released a report claiming that Bitcoin proof-of-work mining negatively affects the environment and begins hinting at a possible Bitcoin mining ban. Here are some of the key statements that we have taken from the report.

“Electricity usage from digital assets is contributing to [greenhouse gas emissions], additional pollution, noise, and other local impacts, depending on markets, policies, and local electricity sources”

“Should these measures prove ineffective at reducing impacts, the Administration should explore executive actions, and Congress might consider legislation, to limit or eliminate the use of high energy intensity consensus mechanisms for crypto-asset mining”

“Depending on the energy intensity of the technology used, crypto-assets could hinder broader efforts to achieve net-zero carbon pollution consistent with U.S. climate commitments and goals”

“[Proof-of-work] mining that installs equipment to use vented methane to generate electricity for operations is more likely to help rather than hinder U.S. climate objectives”

A few years ago Ripple CEO Brad Garlinghouse stated that the Bitcoin network was using approximately more than 1% of all global energy. This clearly makes Bitcoin a target to regulators across the globe considering the fact that the Bitcoin network alone is using more electricity than some countries.

This is where a completely carbon neutral blockchain, like XRP, really starts to come into play.