• The Director of the Blockchain Association confirms that there is no active legislation in the US Congress to prohibit bitcoin mining

  • The Blockchain Association’s Director sends an essential message to crypto stakeholders.

    The Blockchain Association’s Director of Government Relations, Ron Hammond, has remarked on a recent White House report on the energy implications of cryptocurrency mining.

    According to Hammond, no legislation is currently being considered in Congress to prohibit the mining of bitcoin and other cryptocurrencies that use the Proof-of-Work (PoW) consensus mechanism. He stated that even if Congress decides to draft legislation to prohibit crypto mining, lawmakers will not have enough time to deliberate and vote on the legislation in order for it to pass.

    He does, however, believe that the White House study is an important wake-up call for the business to begin preparing itself before such legislation is introduced in the United States Congress.

    “Just a reminder that there is no active legislation in Congress that would ban crypto-asset mining. Even if one were to be introduced today, Congress wouldn’t have enough time or the votes to pass it. Still, the White House report is an important wake-up call to the industry,” Hammond said.

    Protests Against Crypto Mining

    Several countries have taken a stand against bitcoin mining over the years owing to the energy issue it generates. Aside from power concerns, crypto mining is thought to have major environmental consequences because of the massive amounts of energy it consumes.

    According to a new White House assessment, bitcoin mining contributes to greenhouse gas emissions because to its high energy consumption. According to the analysis, crypto mining consumes between 120 billion and 240 billion kilowatt-hours per year.

    According to the research, bitcoin miners should seek assistance from numerous US organizations, including the Environmental Protection Agency.

    Furthermore, miners have been asked to explore green crypto mining, as failing to do so may result in the practice being banned.

    According to an excerpt from the report:

    “Should these measures prove ineffective at reducing impacts, the Administration should explore executive actions. Congress might consider legislation to limit or eliminate the use of high energy intensity consensus mechanisms for crypto-asset mining.”

    Moves to Prevent a Crypto Mining Blanket Bank

    The introduction of legislation to prohibit cryptocurrency mining cannot be ruled out. Crypto businesses are already taking precautionary measures to avoid such a move.

    Cryptocurrency and non-governmental organizations (NGOs) have worked together to provide carbon solutions to mitigate the effects of crypto mining and other environmental issues.

    Ripple’s Chairman, Chris Larsen, has offered $5 million to back a campaign that could force Bitcoin to modify its programming in order to consume less energy.

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