There’s been a lot of crypto FUD in the news these days, and I normally don’t pay too much attention to it, but a headline in mid-January caught my eye…
That was the announcement that US politicians would be holding a hearing about proof of work crypto mining.
The energy use of proof of work cryptocurrencies has been a hot topic since the first BTC was mined in 2009. The recent energy shortages we’ve seen around the world have brought that issue to the fore, and we’ve already seen a few countries shut down crypto mining as a result.
I actually mentioned this hearing in one of my weekly crypto reviews, and I said that if they didn’t have any witnesses from the crypto community then it would be clear that politicians aren’t looking to have an honest conversation about what is ultimately a non-issue.
Luckily, they did bring on some witnesses, and it seems that they picked them on the assumption that they would provide balanced viewpoints on the issue. As it so happens, almost all of them were pro-crypto mining, as were most of the politicians.
Even so, the stuff that was said is somewhat concerning, and this is going to be one of many hearings they’re going to have in the future about the issue.
You’d buckle up, because this hearing was one hell of a wild ride!
⛓️ 🔗 Useful Links 🔗 ⛓️
► Bitcoin Energy Use: https://ccaf.io/cbeci/index
► Bitcoin Hash Rate: https://www.blockchain.com/charts/has…
► The Cause of the Energy Crisis: https://www.wsj.com/articles/energy-c…
► Crypto Mining Hearing: https://energycommerce.house.gov/comm…
► Bitcoin Mining Renewable Energy Use: https://cointelegraph.com/news/bitcoi…
📜 Disclaimer 📜
The information contained herein is for informational purposes only. Nothing herein shall be construed to be financial legal or tax advice. The content of this video is solely the opinions of the speaker who is not a licensed financial advisor or registered investment advisor. Trading cryptocurrencies poses considerable risk of loss. The speaker does not guarantee any particular outcome.