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Congress Announces Hearing On Bitcoin’s Energy Use

The U.S. Congress will hold a hearing on the energy use and environmental impact of bitcoin mining on January 20, its Energy and Commerce Oversight Subcommittee announced on Thursday.The move was prompted by a letter sent to the House in October by a cohort of national and international climate organizations that argued against the energy…

The U.S. Congress will hold a hearing on the energy use and environmental impact of bitcoin mining on January 20, its Energy and Commerce Oversight Subcommittee announced on Thursday. The move was prompted in part by a group of international and national climate organizations who sent a letter to Congress in October opposing the use of Bitcoin’s Proof of Work (PoW), and energy consumption.

“We, the more than 70 climate, economic, racial justice, business and local organizations, write to you today to urge Congress to take steps to mitigate the considerable contribution portions of the cryptocurrency markets are making to climate change and the resulting greenhouse gas (GHG) emissions, environmental, and climate justice impacts it will have,” the letter read.

This week, the Bitcoin Policy Institute published a rebuttal. It is an inter-disciplinary group of economists and coders as well as lawyers, climate scientists and philosophers who provide research, fact-checking and commentary on Bitcoin.

The group claims that the letter to Congress contains many inaccuracies regarding the bitcoin mining industry. This gap is what its policy work aims to fill. BPI will submit its paper to Congress. It states that Congress should consider Bitcoin’s power consumption. However, it demands a more factual and careful approach.

“Such considerations must be based on an accurate understanding of the Bitcoin protocol, a proper review of the scientific literature, and up-to-date information about the mining industry,” the paper said. The letter of the coalition is not. It instead reiterates myths about Bitcoin emissions and e-waste markets. Our a

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