The US White House Considers a Ban on Proof-of-Work Mining

 

The US White House has recently taken a hard stance against proof-of-work (PoW) mining, considering a ban on the energy-intensive consensus mechanism. This stance is outlined in the document titled "Climate & Energy Implications of Crypto-Assets in the United States," which was recently released by the White House.

Regulatory Standards and the Role of Energy Web

The document suggests that if measures to reduce the impact of PoW mining are ineffective, the US administration should consider legislation to limit or eliminate the use of high-energy intensity consensus mechanisms for crypto-asset mining. Regulators are calling for standards such as very low energy intensities, low water usage, low noise generation, clean energy usage by operators, and transparency of miners and electricity usage.

The Energy Web is a solution that meets the requirements of the regulators. It has been mentioned in the White House climate document as an enabling technology for distributed energy resources. The California Flex Alert system, powered by the Energy Web, enables the electricity grid operator to push out requests for energy conservation during a grid emergency, securely interact with customers, and understand participation rates while maintaining customer anonymity.

Energy Web has a team member in the White House. Claire Henly, who previously worked for Energy Web, is currently a White House fellow, part of the Special Envoy on Climate. Ali Zaidi, the White House National Climate Advisor, met with Jules Kortenhorst, an EWT council member, in April. Energy Web is sliding its way into the political elite with two major goals: to save Bitcoin and cryptocurrency from regulators and to decentralize energy markets.

Decentralizing Energy Markets and Addressing Environmental Concerns

Bitcoin mining is notoriously energy-intensive, with the vast majority of mining taking place in China, where coal-fired power is the primary source of energy. However, Energy Web's solution could help to decentralize the mining process, reducing the impact on the environment and increasing transparency.

The Energy Web platform is built on blockchain technology, providing a decentralized infrastructure for energy markets. It allows energy producers and consumers to transact directly, without the need for intermediaries, and provides a transparent and secure platform for trading energy.

By leveraging blockchain technology, Energy Web could help to address the environmental concerns surrounding Bitcoin mining while decentralizing energy markets and reducing the reliance on intermediaries. The White House's consideration of a ban on PoW mining is a clear signal that the environmental impact of cryptocurrency is a growing concern, but solutions like Energy Web could help to address these concerns while supporting the growth of the crypto industry.