MKR is a cryptocurrency depicted as a smart contract platform and works alongside the Dai coin and aims to act as a hedge currency that provides traders with a stable alternative to the majority of coins currently available on the market. Maker offers a transparent stablecoin system that is fully inspectable on the Ethereum blockchain. Founded almost three years ago, MakerDao is lead by Rune Christensen, its CEO and founder. Maker’s MKR coin is a recent entrant to the market and is not a well known project. However, after today it will be known by many more people after blowing up 40% and it is one of the coins to rise to prominence during the recent peaks and troughs.
More than twenty U.S. Democratic representatives called on the country’s environmental agency to investigate cryptocurrency companies.
A group of U.S. congressional Democrats is calling for a more rigorous review of cryptocurrency mining companies to assess that they are effectively complying with environmental statutes.
House Ranking Member Jared Huffman and twenty-two other Democratic representatives this week sent a letter to the Environmental Protection Agency (EPA) to convey their concerns about the potential climate and environmental damage from mining proof-of-work poW is a type of consensus algorithm that rewards validators according to the amount of computational power they have expended. (PoW) cryptocurrencies, such as Bitcoin the biggest and most popular cryptocurrency in the world. It is a decentralized digital currency that enables users to make trustless peer-to-peer transactions. .
“ We are very concerned about reports that cryptocurrency cryptocurrencies are digital currencies that use cryptographic technologies to secure their operation. facilities across the country are polluting communities and are having an outsized contribution to greenhouse gas a term used on the Ethereum platform that refers to a unit of measuring the computational effort of conducting transactions or smart contracts, or launch DApps in the Ethereum network. It is the “fuel” of the Ethereum network. *see Gas Limit and Gas Price. emissions “says the carta which further stated that cryptocurrency mining “ is poisoning our communities s”.
We request that the EPA evaluate PoW mining a process where blocks are added to a blockchain, verifying transactions. It is also the process through which new bitcoin or some altcoins are created. facilities’ compliance with environmental statutes, such as the Clean Air Act and Clean Water Act, and engage with communities when reviewing permits. In addition, we ask that the EPA investigate and address a place where cryptocurrency can be sent to and from, in the form of a string of letters and numbers. any harm that these existing PoW facilities are causing to communities.
Democrats voice their concerns
Lawmakers identified efforts to ” reopen closed gas and coal facilities ” as a means to produce energy for cryptocurrency operations as a particular area of concern. They also mentioned that cryptocurrencies such as Bitcoin , Ethereum a decentralized open-source blockchain with smart contracts functionality. , Monero y Zcash are based on PoW, a mechanism that they described as ” energy inefficient “.
Proof-of-work (PoW) refers to a blockchain a distributed ledger system. A sequence of blocks, or units of digital information, stored consecutively in a public database. The basis for cryptocurrencies. consensus consensus is achieved when all participants of the network agree on the order and content of the blocks in the blockchain. mechanism based on high computational power to validate transactions and generate new coins. In PoW mining, members, also called miners, compete to solve mathematical puzzles to produce new blocks and secure the network. The activity is energy intensive.
“ A single Bitcoin transaction could power the average U.S. household for a month “, the lawmakers stated in the letter. “ People living near cryptomining facilities are already suffering the effects of air, water and noise pollution from these facilities. “, agregaron en otro párrafo.
In addition to concerns about high energy consumption, carbon emissions and their environmental effect, lawmakers also pointed out the ” large quantities of electronic waste “ that the activity can produce, as mining equipment becomes obsolete over time.
Representatives Brad Sherman and Jamaal Bowman of California; Alexandria Ocasio-Cortez of New York; and Jesus G. “Chuy” Garcia and Marie Newman of Illinois, are among the signers of the letter.
PoW at the centre of discussions
The democrats requested in the letter that the environmental agency investigate and evaluate cryptomining facilities in the country to ensure that environmental statutes are not being violated.
They also encouraged the further consideration of the proof of participation (PoS) for potentially having ” 99.99% less energy demand “while at the same time hicieron un llamado a poner más atención sobre el asunto, debido a la creciente popularidad de las criptomonedas, y el crecimiento potencial que esto puede generar en la industria minera.
As cryptocurrency continues to gain popularity and demands more mining, we must ensure that communities are not left with the toxic burdens associated with this technology.
The petition comes at a time when cryptocurrency mining has moved to the center of discussions by regulators around the world due to its environmental impact. In the U.S., some environmentalists in New York have been pressuring the governorate to limit PoW mining operations. . Meanwhile, the European Union has also been discussing a possible ban.
- Sweden discusses Bitcoin ban and proof of work with the European Union
- ESMA Vice President says PoW cryptocurrency should be banned in European Union
- U.S. Treasury imposed sanctions on cryptocurrency company doing business with Russia
Article by Hannah Estefania Perez / DiarioBitcoin
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