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Dec. 7, 2021, 10:07 PM
U.S. policymakers are intensifying their scrutiny of digital assets. The environmental impacts of crypto activities, particularly mining, are an area of increasing focus.
A memo released ahead of a Wednesday House Financial Services Committee hearing on the “challenges and benefits of financial innovation” flags environmental concerns associated with validating Bitcoin transactions. Mining requires resource-intensive computing powers, according to the memo, with Bitcoin mining estimated to use energy similar to the yearly electricity consumption of nation-states like Sweden. Plus, cryptomining computers are under fire for short lifespans and the e-waste they generate, the memo notes.
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