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White House Report Questioned Energy Use of Bitcoin and Crypto Assets

There are new juicy reports out about the energy use of Bitcoin. Check out the following reports below.

Energy used by BTC

The amount of electricity used by Bitcoin (BTC) and other crypto exacerbates climate change, this is what a new report from the White House says.

The report stems from an executive order issued by President Joe Biden to address rising concerns about the environmental impacts of cryptos as the industry’s popularity grows.

Left unchecked, the report warns, the energy used by crypto could hinder the nation’s environmental goals to reduce carbon emissions.

“Electricity usage from digital assets is contributing to [greenhouse gas emissions], additional pollution, noise, and other local impacts, depending on markets, policies, and local electricity sources.”

The report stresses the importance of ensuring the reliability of electrical grids in communities where crypto operations may grow, and it suggests some requirements.

“To help US climate objectives, industries could volunteer or be required to build zero-carbon energy capacity that produces more electricity than the crypto-asset mine requires, selling excess clean energy back to the grid.”

Elon Musk on energy

Last year, tech titans Jack Dorsey and Elon Musk challenged conventional wisdom on Bitcoin’s use of energy, according to the reports coming from the Daily Hodl.

Musk agreed that BTC actually incentivizes renewable energy after Dorsey quoted a report from Square Crypto, which is now known as Spiral.

“Solar and wind produce cheaper energy than fossil fuels. This should make them ubiquitous, but they’re held back by an obvious flaw: they produce too much energy when demand is low and not enough when it’s high. Batteries could fix this, but alone aren’t economical enough.”

Regarding the price of Bitcoin today, at the moment of writing this article, BTC is trading in the red, and the king coin is priced at $20,670.

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