The White House Office of Science and Technology Policy warned about the risks of cryptocurrencies mining on Thursday. Federal agencies should consider information from miners and local utilities in a privacy-preserving way to understand and mitigate the problem.
The White House said in a report that the U.S. consumes as much energy as all home computers or lighting. Critics have criticized the amount of electricity that the operations produce.
Banks of computers are used to solve complex math equations in order to create new coins. Although ether is moving away from the Proof of Work system, it is still wedded to it.
According to the report, the U.S. has a small amount of greenhouse gas emissions and small amount of domestic emissions. Coal, natural gas, and other fossil fuels are the main source of planet-warming emissions.
Between 120 and 170 million metric tons were produced on carbon pollution across the world and 25 to 50 million metric tons in the US alone, according to the report. Electricity is produced by either purchasing it from the power grid or by producing and disposing of computers and mining infrastructure.
According to the White House, electricity usage from digital assets is contributing to GHG emissions, additional pollution, noise, and other local impacts.
Net-zero carbon pollution consistent with U.S. climate commitments and goals could be hampered by the use of cryptocurrencies.
President Joe Biden ordered the government to look at the risks and benefits of cryptocurrencies. The president wants to reduce U.S. emissions by half by 2030.
According to the report, the global emissions from all barges, tanker and other ships on inland waterways are equal to the global emissions from the mining of cryptocurrencies. Two-thirds of global greenhouse gas emissions come from the use of the world's largest digital currency.
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