Congress Announces Hearing on Use of Bitcoin Energy

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The Bitcoin Policy Institute recently published a rebuttal to the letter that prompted the hearing.

The U.S. Congress will hold a hearing on energy consumption and the environmental impact of bitcoin mining on January 20, its Energy and Commerce Oversight Subcommittee announced Thursday.

The move was prompted by a letter sent to the House in October by a cohort of national and international climate organizations that opposed Bitcoin’s power consumption and its proof-of-work (PoW) system.

We, the 70+ climate, economic, racial justice, business, and grassroots organizations, are writing to you today to urge Congress to take action to mitigate the massive contribution of cryptocurrency markets to climate change and gas. greenhouse gas (GHG) emissions, environmental and climate justice impacts it will have, the letter reads.

A rebuttal to the letter was published this week by the Bitcoin Policy Institute (BPI), an interdisciplinary cohort of economists, coders, lawyers, climatologists, philosophers, and policy analysts providing research, fact-checking Bitcoin facts and reviews.

The group claims in its fact-checking document that the letter sent to Congress contains numerous inaccuracies about the bitcoin mining industry, a gap that its policy work attempts to fill. The BPI, which will send its document to Congress, argues that the House should indeed consider the energy consumption of Bitcoins, but justifies a more cautious and factual approach.

Such considerations should be based on an accurate understanding of the Bitcoin protocol, a proper review of scientific literature, and up-to-date mining industry information, according to the journal. Unfortunately, the coalitions letter is not. Instead, it reiterates debunked myths about Bitcoin emissions, e-waste, and energy markets. Our goal is to clear the case and ensure that the political discussion around Bitcoin is grounded in science and facts.

Some of the misconceptions and myths clarified by the document relate to climate change, e-waste, and the common but misleading comparisons between the energy consumption of Bitcoins and that of countries like Argentina and Norway. The BPI also disputes the organizations’ claims that Bitcoin’s use of power is unnecessary, an argument that ignores the fact that BTC is legal tender in El Salvador and the many people currently using the network. monetary peer-to-peer to enjoy financial freedom. .

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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