US senators discuss crypto mining concerns

The Energy and Natural Resources Committee discussed on Tuesday the energy demands of mining, the cost this activity represents for the state and the use of blockchain technology

The Energy and Natural Resources Committee of the US Senate held a special hearing on Tuesday, August 21st, to analyze issues related to cryptocurrency mining.

Safety, energy consumption, profitability and sustainability are some of the topics on the agenda. Experts were also tasked with familiarizing senators with the intrinsic terminology of crypto mining. As well, the use of blockchain technology and other similar ones that could be profitable at the federal level was analyzed.

The specialists who participated in the hearing pointed out that the energy demand required by mining can generate “stress” in the electricity networks of the service providers. One consequence could be damage to the electrical wiring.

Another source of concern is the potential increase in electric service rates in the domestic sector, which would affect people who have no relationship with cryptocurrencies.

The committee will continue to analyze the aforementioned issues, focused on achieving measures that guarantee the safety and efficiency of mining and all associated activity.


Source: Coincrispy

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