Congress Hearing On Bitcoin’s Energy Use - page 3.

NeuroticFish

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Quote from: Lucius on January 17, 2022, 10:11:40 AM

Despite all the dangerous industries that have been producing incredible pollution and destroying the environment for more than 70 years, all these fake experts and hypocrites choose Bitcoin as the main reason for their fight against greenhouse gases. I find it hard to believe that all these hypocrites are so stupid that they can’t understand the most basic math, so I would conclude that they are mercenaries of the banking system and servants of various anti-Bitcoin coalitions operating worldwide.

I'm curious whether the hearing will clear up anything or will make the things even worse (because, meh, politics...)
And I would not go so far to say they're "mercenaries of the banking system", at least not all of them. They're more probably manipulated than paid...

crwth

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Thank you for posting this. I wouldn't know that there would be this kind of hearing if it wasn't for you, OP. I had already set a reminder so I could watch it.

Anyway, we all know all the posts that could help the case on this, and I hope that this way, this is going to be helpful towards proving BTC is better everywhere.

fillippone

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Quote from: Lucius on January 17, 2022, 10:11:40 AM

I hoped that after China, the whole system would become more decentralized, and the opposite happened. I hope that after all, some strange decisions and laws will not follow, because from some other cases it is evident that US politicians generally have no idea about such things.

I don’t think the system is more centralised now than before the China Ban, as the China has power hasn’t moved to a new destination altogether, but splitted over multiple destinations, even if some of them could be short lived (Kazakistan).
Concentration in mining might be a problem on other level of the supply chain (ASIC foundries, mainly).

Lucius

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Quote from: fillippone on January 17, 2022, 09:35:42 AM

I think that, now that the US is going to be a major player in the mining industry, this hearing might be of an utter importance to understand if and how regulators are going to impact mining operations in the US.

I hoped that after China, the whole system would become more decentralized, and the opposite happened. I hope that after all, some strange decisions and laws will not follow, because from some other cases it is evident that US politicians generally have no idea about such things.

fillippone

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Quote from: hd49728 on January 17, 2022, 09:45:37 AM

Bitcoin mining is green and sustainable enough according to Bitcoin Mining Council Q3 2021 report. It is more better than many other industries.

The Q4 2021 report will be released very soon and there is a link to a Youtube video on 19 Jan 2022: https://www.youtube.com/watch?v=3ZP3aXUnEoo

End the Fud about Energy against Bitcoin

Actually I am trying to understand how much the Bitcoin Mining Council is involved in this hearing.
I guess they will back any initiative from the BIP, but just wondering if they will live the lobbying job to this other group or they will take over and propose the self in the first line.

hd49728

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Bitcoin mining is green and sustainable enough according to Bitcoin Mining Council Q3 2021 report. It is more better than many other industries.

The Q4 2021 report will be released very soon and there is a link to a Youtube video on 19 Jan 2022: https://www.youtube.com/watch?v=3ZP3aXUnEoo

End the Fud about Energy against Bitcoin

fillippone

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As you probably know, Congress has announced a hearing about Bitcoin energy use.

The official announcement from the House Committee on Energy & Commerce and link to the live stream.

HEARING ON "CLEANING UP CRYPTOCURRENCY: THE ENERGY IMPACTS OF BLOCKCHAINS"

A couple of articles:

Congress Announces Hearing On Bitcoin’s Energy Use

Quote

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 usage of Bitcoin and its Proof of Work (PoW) system.

“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.

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

This is the link for the letter from the Climate organisations.

Here instead the letter from the Bitcoin Policy Institute (BPI)

Fact-checking Climate Organizations’ Crypto Letter

Congress is preparing an oversight hearing on Bitcoin mining's environmental impact: sources

Quote

The Oversight and Investigations subcommittee of the House Energy and Commerce Committee is apparently working on a roster of witnesses to account for the energy use of proof-of-work crypto validation, especially the Bitcoin network.

LIVESTREAM LINK

As you know, I have been quite vocal about the myth of “energy waste “ due to bitcoin.
See this thread, for example:

Debunking the "Bitcoin is an environmental disaster" argument

I think that, now that the US is going to be a major player in the mining industry, this hearing might be of utter importance to understand if and how regulators are going to impact mining operations in the US.

We will use this post to collect information, ideas, and results about this hearing.

Topic: Congress Hearing On Bitcoin’s Energy Use - page 3. (Read 615 times)