Biden May Ban Bitcoin unless it Turns Greener

The White House suggested that U.S. lawmakers and regulators could soon crack down on cryptocurrency mining because of its large carbon footprint.

In a Thursday report, mandated by President Biden in an executive order in March, the White House Office of Science and Technology Policy said crypto miners should reduce greenhouse gas emissions, with help from the Environmental Protection Agency (EPA), the Department of Energy (DOE), and other federal agencies.

Per President Biden’s executive order, the White House Office of Science and Technology submitted its report on bitcoin mining’s climate impact.

The report alludes to possible executive orders and legislation from congress to “limit” or “eliminate” proof-of-work mining.
“Electricity usage from digital assets is contributing to [greenhouse gas emissions], additional pollution, noise, and other local impacts, depending on markets, policies, and local electricity sources,” reads the report.
Next, the document explores how mining can affect electrical grids.

The Office of Science and Technology asserts that bitcoin mining facilities create added stress on the power grid that leads to blackouts, fire hazards, and equipment deterioration. The report also claims that bitcoin miners will raise the average electricity cost for local consumers.

“Depending on the energy intensity of the technology used, crypto-assets could hinder broader efforts to achieve net-zero carbon pollution consistent with U.S. climate commitments and goals,” reads the report.