White House Release Report Blaming Bitcoin and Other Cryptocurrencies for Global Warming
The White House has released a report claiming that Bitcoin and other cryptocurrencies are contributing to climate change and must be thwarted to save mother Earth.
The report, “CLIMATE AND ENERGY IMPLICATIONS OF CRYPTO-ASSETS IN THE UNITED STATES,” suggests that cryptocurrency must be restricted in order to save the environment.
“Digital assets, including crypto-assets, require electricity for generation, ownership, and exchange. Crypto-asset networks use electricity to power four major functions: data storage, computing, cooling, and data communications. Of these, computing uses the vast majority of electricity within crypto-asset networks,” the report states.
“Therefore, most studies have focused on estimating the electricity usage of computing devices, including the additional electricity required for cooling. Electricity for cooling can add anywhere from a low percentage (for cool climates) to over 100% of the electricity consumed by the computing equipment itself,” it continues.
The report suggests that more surveillance and mandates will be needed to monitor miners of cryptocurrency.
“While large ranges can give policymakers indications of how large PoW electricity usage could be, they also suggest a need for miners to report their actual electricity usage to reduce uncertainties. Also, for time series studies, there can be variation in the estimated day-to-day power usage, due to crypto-asset market value fluctuations. Market dynamics can quickly render any published estimate out-of-date,” the report states.
The report cites China and Europe as models that the U.S. can replicate for restricting cryptocurrency under a Draconian and burdensome regulatory regime.
“The European Commission’s pending Markets in Crypto-Assets legislation will likely require increased environmental and climate impact information and, within two years, the 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 several reasons that the government banned crypto-asset transactions in 2021,” the report states.
The report recommends that crypto be subject to so-called “environmental markets” where transactions can be tracked and taxed to meet the regime’s climate change objectives.
“A key priority of this Administration is to effectively address negative externalities of climate and other environmental pollution in communities that are already overburdened and underserved,” the report states.
“As with other markets, environmental markets depend on robust market infrastructure to enable market participants to transact with confidence. A robust market infrastructure should include mechanisms for trade execution; payments, clearing, and settlement; record-keeping; and security. Carbon markets are designed to ensure that carbon allowances and credits can be trusted to deliver the promised emissions reductions and climate objectives,” it continues.
The fact that the White House has targeted cryptocurrency shows that these currency instruments can liberate people from the fraudulent monetary system under government central planning.