Joe Biden Administration has charged the Office of Science and Technology policy to determine a sustainable policy on Cryptocurrency mining energy consumption. The Office of Science and Technology Policy, therefore, seeks public contribution to establishing a regulatory framework that best fits climate conditions.
Joe Biden Administration effort on crypto mining regulation
Recall, that Joe Biden administration authorized governmental agencies of the country and other relevant stakeholders to work on setting regulations on Crypto. The foregoing manifested in an executive order on cryptocurrency and digital assets by Joe Biden.
According to reports from the Federal Register, Joe Biden charged the Office of Science and Technology Policy on the issue. He tasked them to analyze how Cryptocurrency can be regulated to ensure it doesn’t affect the Climate. The Joe Biden administration also implores the Office to ensure Cryptocurrency doesn’t affect the switch to a strong power system.
Furthermore, countries around the globe are increasingly embracing the opportunities in the industry. This embracement manifested with the use of Cryptocurrency by Ukraine to raise funds against the ongoing Russian invasion. Without a doubt, world leaders also are gradually coming to realize the strength of the industry.
However, despite these interesting developments, there are increasing concerns about Cryptocurrency mining effects on the environment and mostly climate. Regulators are tirelessly working to find a suitable regulatory framework for cryptocurrency mining. In this quest, The Joe Biden Administration is taking a cautionary approach regarding the issue.
Meanwhile, some countries and regions are heavily benefiting from robust returns in cryptocurrency mining. Nevertheless, some had totally banned cryptocurrency mining withing their country, and some countries still remain silent on it.
Future Of Crypto Mining
On a fairground, Cryptocurrency mining is placing a heavy burden on the power grid of countries that allowed it so far. Nevertheless, mining companies and concerned stakeholders are working tirelessly to mend the fault.
A notable development in that respect is the partnership of the HIVE blockchain with tech gadgets powerhouse Intel. Early this month, Hive blockchain announced a partnership deal with Intel to acquire its Application-Specific Integrated Circuit (ASIC). Due to this, the company will be able to develop a mining gadget that’ll consume less energy and enhance mining operations.
U.S approach to Cryptocurrency under Biden
Lastly, To an applaudable extent, Joe Biden Administration has quietly done well than his predecessor in regards to the Cryptocurrency industry. While a definite framework is yet to manifest, The Joe Biden Administration has carried notable stakeholders along in the industry. This move aims to find a lasting solution on how to best regulate the industry without harming it.
This move might not look appealing to many, but it has smartly overtook Trump’s rugged approach towards the industry. The Joe Biden Administration will be waiting on getting good feedback from the Office of Science and Technology Policy. This will help Biden determine his next move and as well determine the fate of the industry in the U.S.