Biden Administration to Report on Crypto Mining in August – Bits Media

White House Office of Science and Technology Policy (OSTP) by order of President Biden, will prepare a report on cryptocurrency mining and its impact on the environment.

OSTP intends to explore a wide range of topics, related to mining, including statements about, that cryptocurrency mining could be useful for power grids in states like Texas, noise pollution complaints, as well as differences between proof of work and other consensus mechanisms.

OSTP Energy Division Chief Assistant Director Costa Samaras (Costa Samaras) explained the importance of the report, which will be presented in August, for further strategy for the development of cryptocurrencies in the USA.

“If this becomes part of our financial system, important, to ensure that it develops responsibly and minimizes overall emissions.", He said.

Samaras added, that the team is studying economic incentives for miners, so that they turn off during periods of peak energy consumption and, on the contrary, can mine cryptocurrencies without stopping during periods of time that are favorable for the energy system.

“Miners settled in places with low electricity prices, and they take advantage of favorable industrial rates. I'd like to see evidence of that, that the peak mining tariff slows down the production of cryptocurrencies", – said Samaras.

The department will also look into noise reports., pollution and reactivation of old power plants in some communities. According to Biden's order, OSTP together with other offices during 180 days to prepare the report, which will reflect, how blockchain can impact the environment.

Recently, Ethereum co-founder Vitalik Buterin accused the authorities of unfairly persecuting cryptocurrency mining using the Proof-of-Work algorithm and launched a survey, to find out, who disagrees with his opinion.