Get 40% Off
🤯 This Tech Portfolio is up 29% YTD! Join Now to Get April’s Top PicksGet The Picks – Just 99 USD

White House Will Talk About Crypto’s Impact on Climate Change

Published 09/23/2022, 09:30 AM
Updated 09/23/2022, 09:30 AM
© Reuters.  White House Will Talk About Crypto’s Impact on Climate Change

© Reuters. White House Will Talk About Crypto’s Impact on Climate Change

  • White House’s Energy Policy Advisor to give an interview on climate reports and it’s implications on crypto, to Bloomberg.
  • The interview will discuss how crypto could hurt US climate efforts.
  • The total global electricity usage for crypto-assets is between 120 and 240 billion kilowatt-hours per year.

On September 27, White House Energy Policy Advisor Costa Samaras will speak candidly to Bloomberg via Twitter (NYSE:TWTR), about the climate report and its implications on crypto.

The interview will discuss how the energy-intensive processes used for digital assets and mining cryptocurrencies like Bitcoin could hurt US climate efforts. Bloomberg is also asking the public to send questions they might have for the White House Energy Policy Advisor.

Earlier this month, the White House released a Fact Sheet about the Climate and Energy Implications of Crypto-Assets in the United States. The report has estimated from 2018 to 2022, annualized electricity usage from global crypto-assets grew rapidly, with estimates of electricity usage doubling to quadrupling.

Additionally, the published estimates of the total global electricity usage for crypto-assets are between 120 and 240 billion kilowatt-hours per year, which exceeds the total annual electricity usage of many individual countries, such as Argentina or Australia. This is equivalent to 0.4% to 0.9% of annual global electricity usage and is comparable to the annual electricity usage of all conventional data centers in the world.

Furthermore, the White House statistics reveal that the US now does 38% of the world’s Bitcoin mining, compared to 3.5% in 2020. Bitcoin is estimated to account for 60% to 77% of total global crypto-asset electricity usage, while Ethereum is estimated to account for 20% to 39%.

The White House Office earlier expressed that the government hopes to reduce 50% of greenhouse gas emissions by 2030, achieve a carbon pollution-free electricity grid by 2035, and reach net-zero greenhouse gas emissions by 2050.

The post White House Will Talk About Crypto’s Impact on Climate Change appeared first on Coin Edition.

See original on CoinEdition

Latest comments

ATM's use far more energy than crypto mining. Will they be discussing that? Probably not. The Federal Reserve computers use more electricity than crypto mining globally. I bet they skip that too.
Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.