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Bitcoin (BTC) reaching the $60,000 level has led to concerns at the White House about the energy consumption of Bitcoin mining. Here are the details!
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The White House has Concerns!
According to information provided by Charles Gasparino, a writer at Fox Business, the White House administration thinks that mining activities, along with the rise in the cryptocurrency market, could pose a significant burden on the country’s power grid.
Gasparino explained, “As the price of Bitcoin increases and demand starts to outpace supply, the White House began to worry that mining could place a serious strain on the power grid. Crypto industry executives told Fox Business that these fears are exaggerated, but could be used as an attempt to tighten regulations on the sector.”
SCOOP: As the price of $BTC surges and demand outpaces supply, @WhiteHouse worried $BTC mining could put significant strain on the power grid; crypto officials tell @FoxBusiness fears are overblown but will be used to try and increase regulation on the industry. More now…
— Charles Gasparino (@CGasparino) February 27, 2024
The US Government has been giving importance to closely monitoring mining activities. In early February, the Energy Information Administration (EIA), affiliated with the US Department of Energy, announced that they would begin using an application to monitor miners’ energy consumption under the “urgent” code. This step provoked strong reactions from mining companies and the crypto community. The case went to court, with the ruling preventing such data collection.
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