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💥 White House Criticizes Proof-of-work Crypto Mining 💥
September 08, 2022
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The Biden administration is urging crypto miners to explore greener alternatives

The White House has released a report urging the Environmental Protection Agency (EPA) and the Department of Energy (DOE) to take measurable actions to control energy usage in proof-of-work crypto mining.

This release is among the first responses to US President Joe Biden’s executive order on cryptocurrencies. It emphasizes that cryptoasset technologies use a significant amount of electricity, contributing greatly to “[greenhouse gas] emissions, additional pollution, noise and other local impacts.” 

According to the authors, the estimated global electricity usage of cryptoasset mining as of August 2022 exceeds the annual electricity usage of countries including Argentina and Australia, sitting roughly between 120 billion and 240 billion kilowatt-hours per year. 

High energy consumption will likely lead to disastrous consequences for daily Americans, the White House says, not only exacerbating “climate-driven weather extremes,” but also threatening the stability of electricity grids as it could “push up power prices for local consumers.”

Specifically, the report criticizes the proof-of-work (PoW) consensus mechanism — which currently represents more than 60% of the total cryptoasset market capitalization, stating that “given the electricity usage estimates, most discussions about crypto-asset electricity usage has focused on PoW applications, particularly Bitcoin.”

It reasons that responsible development of digital assets must include solutions to drastically reduce its energy consumption and suggests the “less energy-intensive consensus mechanism, called Proof of Stake (PoS), estimated to consume up to 0.28 billion kilowatt-hours per year in 2021, less than 0.001% of global electricity usage,” could be a viable alternative.  

“There have been growing calls for PoW blockchains to adopt less energy-intensive consensus mechanisms,” the report said. “The most prominent reaction has been Ethereum’s promised launch of “Ethereum 2.0,” which uses a PoS consensus mechanism.”

Ethereum, the second largest blockchain by market capitalization, is expected to move to PoS in the next week, making it 99.95% more energy efficient.

While the White House didn’t directly propose an outright ban on PoW mining in the US, it did reference China’s ban as a boon to the environment and flagged the EU’s introduction of mandatory minimum sustainability standards for consensus mechanisms.

“In China, the incompatibility of large-scale Bitcoin mining with the country’s environmental goals has been cited as one of several reasons that the government banned crypto-asset transactions in 2021,” the report read.

Despite this, the White House showed support for exploring how crypto miners could use electricity generated from vented and flared methane at oil and gas wells and landfills.

“Cryptoasset mining operations that capture vented methane to produce electricity can yield positive results for the climate by converting the potent methane to CO2 during combustion,” the report said.

File

Link to report

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This action followed a series of Israeli attacks on Iranian targets.

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Elizabeth MacDonald, a Fox News contributor, highlighted its impact, noting, "Elon Musk turning on Starlink for Iran in 2022 was a game changer. Starlink connects directly to SpaceX satellites, bypassing Iran’s ground infrastructure. That means even during government-imposed shutdowns or censorship, users can still get online, and reportedly more than 100,000 inside Iran are doing that."

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Musk confirmed the activation, noting on Saturday, "The beams are on."

This follows the regime’s internet shutdowns, which were triggered by Israeli military actions.

Adding to the tension, Israeli Prime Minister Benjamin Netanyahu addressed the Iranian people on Friday, urging resistance against the regime.

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The Senate passed the GENIUS Act for stablecoins last week, but significant work remains before it becomes law. The House has a different bill, the STABLE Act, with notable differences that must be reconciled. State banking regulators have raised strong objections to a provision in the GENIUS Act that would allow state banks to operate nationwide without authorization from host states or a federal regulator.

The controversial clause permits a state bank with a regulated stablecoin subsidiary to provide money transmitter and custodial services in any other state. While host states can impose consumer protection laws, they cannot require the usual authorization and oversight typically needed for out-of-state banking operations.

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The National Conference of State Legislatures expressed similar concerns in early June, stating:

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Evolution of nationwide authorization

Section 16 addresses several issues beyond stablecoins, including preventing a recurrence of the SEC’s SAB 121, which forced crypto assets held in custody onto balance sheets. However, the nationwide authorization subsection was added after the legislation cleared the Senate Banking Committee, with two significant modifications since then.

Originally, the provision applied only to special bank charters like Wyoming’s Special Purpose Depository Institutions or Connecticut’s Innovation Banks. Examples include crypto-focused Custodia Bank and crypto exchange Kraken in Wyoming, plus traditional finance player Fnality US in Connecticut. Recently the scope was expanded to cover most state chartered banks with stablecoin subsidiaries, possibly due to concerns about competitive advantages.

Simultaneously, the clause was substantially tightened. The initial version allowed state chartered banks to provide money transmission and custody services nationwide for any type of asset, which would include cryptocurrencies. Now these activities can only be conducted by the stablecoin subsidiary, and while Section 16(d) doesn’t explicitly limit services to stablecoins, the GENIUS Act currently restricts issuers to stablecoin related activities.

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If you find value in my content, consider showing your support via:

💳 PayPal: 
1) Simply scan the QR code below 📲
2) or visit https://www.paypal.me/thedinarian

🔗 Crypto – Support via Coinbase Wallet to: [email protected]

Or Buy me a coffee: https://buymeacoffee.com/thedinarian

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Dubai regulator VARA classifies RWA issuance as licensed activity
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No more tokenization without venues.
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UAE is doing what Switzerland, Singapore, and Europe still haven’t:

Creating enforceable frameworks for RWA tokenization that actually work.

Matthew White, CEO of VARA, said it perfectly:

“Tokenization will redefine global finance in 2025.”

He’s not exaggerating.

$500B+ market predicted next year.

And the UAE just gave it legal rails.

~Real estate.
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Everything is in play.

This is how you turn hype into infrastructure.

What Dubai is doing now is 3 years ahead of everyone else.

Founders, investors, ecosystem builders:

You want to build real-world assets onchain.

Don’t waste another year waiting for clarity.

Come to Dubai.

It’s already here.

 

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🙏 Donations Accepted 🙏

If you find value in my content, consider showing your support via:

💳 PayPal: 
1) Simply scan the QR code below 📲
2) or visit https://www.paypal.me/thedinarian

🔗 Crypto – Support via Coinbase Wallet to: [email protected]

Or Buy me a coffee: https://buymeacoffee.com/thedinarian

Your generosity keeps this mission alive, for all! Namasté 🙏 Crypto Michael ⚡  The Dinarian

 

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