Crypto congressional hearing
On Wednesday, the U.S. House Committee on Financial Services hosts a hearing on cryptocurrencies and financial technology, on the heels of a. A hearing before Congress on Thursday seems set to be less hostile to proof-of-work crypto mining, especially Bitcoin, than has been the. Rep. Diana Degette (D-Co.) chaired Thursday's hearing on crypto's energy impact. (Andrew Harrer/Bloomberg via Getty Images). CRYPTOCURRENCY ARMY
Mining rigs are not like the light bulbs in our house for efficiency. More efficiency means less electricity. So to be clear, individual mining rigs are growing more energy-efficient. Crypto mining as a whole is becoming less energy-efficient.
And that's because rewards and therefore profits aren't determined by absolute mining power, but by mining power relative to money groups are more energy-efficient. One can see this with reference to the data on overall energy consumption. As expected, shares of the miners and other crypto-linked stocks seem to have mostly followed the crypto prices. The number has likely been amplified since then. Witnesses at the hearing dug deeper into the data and told lawmakers that's not an apples to apples comparison, given the mix of power sources used for validating a transaction.
Juels and Brooks debated the efficiency of crypto mining later in the hearing. Brooks argued that more-efficient machines, which in industry terms usually means they burn less electricity per terahash, means a more efficient network overall.
Juels responded that what actually matters to consumers is the electricity burned per number of transactions processed. Soluna's Belizaire and Zerzan, the Jordan Ramis PC shareholder, said crypto mining actually helps renewable energy producers sell electricity that is otherwise wasted, thus providing them with much-needed capital. Several lawmakers also asked about unintended positive or negative factors that could stem from bitcoin mining.
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