Reading Time: 2 minutes
- Cryptocurrency mining will advance under condo scrutiny for the first time subsequent week
- A Home Vitality and Commerce Committee is meeting with crypto mining leaders to discuss the affect of cryptocurrency mining on the planet
- There could be a misfortune that misinformation will plague the hearing
A Home Vitality and Commerce Committee hearing into the affect of cryptocurrency mining has been scheduled for January 20, a important such meeting on the field. The Oversight and Investigations subcommittee of the main body will scrutinize senators discussing the affect of cryptocurrency mining on the ambiance and industry representatives will face sturdy questions over how the cryptocurrency mining industry plans to kind out its ecological considerations and likewise whether or not the advantages of cryptocurrency outweigh the environmental prices.
Cryptocurrency Mining Has Hit the Noteworthy Time…Sadly
The Home Vitality and Commerce Committee presented final week that it deliberate to serve a hearing on the environmental affect of cryptocurrency mining, but it wasn’t until the day prior to this that a date became blueprint.
Now not essential files has been launched about the hearing, entitled ‘Cleaning Up Cryptocurrency: The Vitality Impacts of Blockchains’, but cryptocurrency lawyer Jake Chervinsky tweeted that he had already been working with folk which had been asked to attend:
Subsequent week, the Home Vitality & Commerce Committee will serve the first ever Congressional hearing on Bitcoin’s power use.
I’ve had the honest pleasure of working with & studying from a lot of the tip American bitcoin miners in preparation for the hearing. I’m enraged for this one. https://t.co/PoB0VGB4O4
— Jake Chervinsky (@jchervinsky) January 13, 2022
The truth that a condo committee has been scheduled purely to query at cryptocurrency mining has both obvious and negative connotations: it reveals that cryptocurrency mining has ascended to a level the build it’ll now not be passed over, but it has the possible to open up a Pandora’s box of misunderstanding.
Hearing Can also Fall Into Misinformation-fueled Bloodbath
The Home Monetary Services and products Committee hearing on cryptocurrencies final month showed that it takes time for lawmakers to turn out to be accustomed to even the broader aspects of cryptocurrency, and there’s a misfortune that subsequent week’s meeting could be a chastening affair for an industry that had been suffering from misinformation and misreporting of info about the affect of cryptocurrency mining.
With quite of luck these representing the cryptocurrency mining industry will fetch a sparkling hearing and can level to 2 key things – that cryptocurrency mining is just not as gruesome for the planet as the mainstream media likes to claim and that, at its core, it is, or could be, worth it.