Congress Presents Bitcoin Mining Resolution
U.S. Congress has introduced a bill suggesting proof-of-work (PoW) Bitcoin mining could contribute to the country's energy goals and economic growth. This bill comes when Bitcoin mining continues to be a key topic in the mainstream adoption of digital assets.
Pete Sessions Advocates for PoW Mining
Republican official Pete Sessions introduced the resolution, emphasizing that PoW mining is crucial for maintaining a trusted, open, decentralized blockchain network within the legislation.
Addressing Unfounded Concerns About Energy Consumption
The resolution clarifies that many concerns about energy consumption in PoW mining are unfounded, as its energy usage is transparent and verifiable. It also states that the practice uses only 0.14% of the global energy supply.
Crypto Mining and Renewable Energy Viability
The bill highlights that crypto mining improves the overall economic viability of renewable energy projects by utilizing an excess supply, thereby supporting the growth of sustainable energy sources.
PoW Mining's Responsiveness to Electricity Prices
According to the legislation, PoW mining economics are significantly responsive to electricity prices, allowing miners to curtail operations during periods of low supply or high prices, which helps provide more energy to households and the grid during times of heavy demand.
BREAKING: Congress has introduced a bill proposing that #Bitcoin mining can help the US achieve energy goals and grow the economy.
— Paryte (@Parytecom) March 23, 2023
Environmental Consciousness in PoW Mining
Lastly, the bill emphasizes PoW mining's efforts to be environmentally conscious, as it can work to reduce methane emissions by utilizing stranded or wasted methane as a fuel source within the legislation. This demonstrates the industry's commitment to addressing environmental concerns while promoting sustainable practices.
