The hearing will be conducted by the Energy and Trade Oversight Subcommittee . Although there aren’t many details, it is presumed that they will primarily address a place where cryptocurrency can be sent to and from, in the form of a string of letters and numbers. cryptocurrency cryptocurrencies are digital currencies that use cryptographic technologies to secure their operation. 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. as a 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. y Ethereum, networks with the most widely used currencies today.
El Subcommittee on Trade and Energy Oversight, group attached to the U.S. House of Representatives scheduled for January 20 a new hearing to discuss energy consumption and the environmental footprint associated with the operation of networks. Blockchain.
Hearing on the impact of Blockchain a distributed ledger system. A sequence of blocks, or units of digital information, stored consecutively in a public database. The basis for cryptocurrencies.
The hearing in question will be entitled“Cleaning up cryptocurrency: The energy impact of Blockchains”It is therefore clear that they will address aspects associated with the operation of the networks. Blockchain on which cryptocurrencies operate, presumably those that operate under theProof-of-Work poW is a type of consensus algorithm that rewards validators according to the amount of computational power they have expended. (PoW) and have a mining ecosystem such as Bitcoin o Ethereum.
While there are not many clear details about this hearing or list of people who will participate, it is known that this hearing will handle a hybrid mode, as some participants will be in person while others will attend digitally. It is also clear that the meeting will take place in the morning hours in the offices of the building. Rayburn House.
The fact that this subject is now being addressed by the Oversight Subcommittee The issue has not prospered adequately in the other countries of the region. Houses of Congress. This may be the beginning of the way to think about proper legislation on the subject, as the entity aims to address any activity that is considered problematic, leaving mining of the most reputable cryptocurrencies in the spotlight.
Electricity Consumption and Environmental Footprint: The Problems of Cryptocurrencies
Conforme Bitcoin and major cryptocurrencies have been gaining popularity, the problems associated with electricity consumption and the environmental footprint resulting from carbon emissions has been an issue that has been especially on the table throughout 2021.
Perhaps one of the most remarkable points of this situation took place in May 2021, when Elon Musk indicated that Tesla would withdraw support the opposite of Resistance, it is a threshold that crypto’s price doesn’t fall below. for payments via Bitcoin because of the environmental implications associated with the use of the cryptocurrency. This announcement generated a lot of uncertainty in the market, and the impact on the price was such that its price fell sharply the day the decision of the electric car manufacturer was made public.
Since then, given the visibility of the problem, Musk together with Michael Saylor founded an organization that would promote the use of renewable energy in mining. Bitcoin, This would mitigate the impact generated by the sector and would seek a greater adoption of digital digital technologies are these electronic tools that have the ability to generate, store or even process data. currency currency is a medium of exchange that defines value. among businesses and entities as long a situation where you buy a cryptocurrency with the expectation of selling it at a higher price for profit later. as these conditions are guaranteed in favor of the environment.
For its part, the second digital currency with the second largest market an area or arena, online or offline, in which commercial dealings are conducted. capitalization, Ethereum, is currently working on transitioning its mining system to implement Proof-of-Stake poS is a type of consensus algorithm that rewards validators according to the amount of crypto they have staked. (PoS), a modality that reduces by 99% the electrical consumption associated with the operation of the network, bringing with it improvements in both scalability and low operating costs.
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- U.S. Congress Prepares Hearing to Discuss Environmental Impact of Bitcoin Mining
Version by Angel Di Matteo / DiarioBitcoin
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