The report outlines the need to take steps to reduce the pollution caused by crypto mining. It said that the government should work closely with the states and the crypto industry to collect detailed data on the consumption of electricity as well as set criteria for it. According to the report, “cryptocurrencies may hinder the fulfillment of America’s commitment and goals to combat climate change due to the high consumption of electricity in the technology being used.” The report states that the crypto industry in the US is using almost the same amount of electricity as computers used in homes.
In March, US President Joe Biden ordered the study as part of an executive order on cryptocurrencies. Some other government agencies can suggest ways to deal with this problem. In the US state of Texas, which is considered the hub of bitcoin mining, the supply of electricity was affected due to the recent increase in heat. For this reason, many bitcoin mining firms stopped their operations. Mining has resumed in Texas.
Mining of cryptocurrencies uses computers that consume more electricity. It involves solving mathematical puzzles on computer systems to validate blockchain transactions. The miner who solves the puzzle first is given cryptocurrency as a reward. Texas has emerged as a bitcoin mining hub after the Chinese government imposed restrictions on all crypto-related activities last year. The main reason for banning crypto mining from China was the excessive use of electricity in it.
Cryptocurrency prices in Indian exchanges
Download the Gadgets 360 Android app and follow us on Google News for the latest tech news, smartphone reviews and exclusive offers on popular mobile phones.