Following President Joe Biden’s Executive Order issued in March this year tasking US agencies to harmonize their approaches to the nascent digital currency ecosystem, a lot of responses from these agencies are already underway. As reported by Bloomberg Law, the White House Office of Science and Technology Policy (OSTP) is on track to release a report on cryptocurrency mining and the broad claims bordering on its impact on the environment.
The report that is scheduled to be published this summer will dwell on several aspects including the likely claims that it can be beneficial to the power grid in Texas and other regions.
“It’s important, if this is going to be part of our financial system in any meaningful way, that it’s developed responsibly and minimizes total emissions,” said Costa Samaras, principal assistant director for OSTP’s energy division.
Besides this, the OSTP is also studying the claims that mining causes noise pollution, and the economic incentives of Bitcoin miners, especially when they go on and offline.
“We’ve seen miners set up in places where the electricity prices are low and they’ve secured favorable industrial rates,” Samaras told the publication. “I would like to go see the evidence that an afternoon peak mining tariff slows down mining operations.”
White House Office Receives Divergent Views
There is growing dissension amongst critics and proponents of Proof-of-Work (PoW) mining and this has been very well reflected in the clamor for regulations bordering on Bitcoin mining. In preparation for its report, the OSTP sent out a request for comments and received both comments condemning mining and those in favor of it respectively.
The final report from the White House Office will set a very good milestone that can stir the growth of the crypto mining industry or at best tame it. Whatever the report states, chances are that it would not recommend that the US trail the path of China which has institutionalized a blanket ban on digital currencies.