US Congress Comes After Cryptocurrency Miners…Again

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Wed, 08/22/2018 - 18:38
Alex Dovbnya
Mining become the matter of pressing concern due to its high level of energy consumption. Officials also discussed how to use blockchain to reduce electricity usage
Cover image via U.Today

During a recent Senate hearing, cryptocurrency mining turned out to be a matter of pressing concern due to its high level of energy consumption. The government officials also discussed how Blockchain could be utilized to reduce electricity usage.  

US Representative Thomas Golden claims that miners only use 0.1 percent of world’s electricity. While Bitcoin’s need for electricity doesn’t seem to be that great (taking into account the scope of the industry), Goldman points to the fact that mining is usually concentrated in regions with inexpensive electricity. Consequently, it leads to a backlash from local electric utilities that struggle with delivering this type of electricity load.

About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets, can be contacted at alex.dovbnya@u.today.


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