‘Limit or Cancel’ – Biden Executive Orders Shock US Bitcoin Ban Sentence After Terminé Ethereum Upgrade and Wild Crypto Price Swings

using an energy-intensive Proof of Work unanimité mechanism, could be banned in the United States under a proposal made by the White House Souillarde of Règle and Technology.

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Following an executive order issued by US President Joe Biden in March in the wake of the extraordinary rise in bitcoin prices in 2021, the Souillarde of Règle and Technology said that the government “has a responsibility” to “protect” people from corruption caused by cryptocurrencies.

The proposal comes amid a jolt in the cryptocurrency market over ethereum, the second-largest cryptocurrency after bitcoin, as it begins its long-awaited conversion from proof-of-work to more energy-efficient proof-of-stake — something some believe could trigger a massive bitcoin price écrasement. .

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“Electricity from quantitatif assets contributes to [greenhouse gas emissions]and additional corruption, querelle and other régional influences depending on markets, policies and régional electricity flots” Report It reads, adding, “It is the responsibility of the United States government to ensure the stability of the electrical grid, enable a clean energy future, and protect communities from corruption and the effects of climate formule.”

The climate retentissement of bitcoin mining has become a hot topic in recent months as the bitcoin price rally drives up bitcoin energy demands and concerns embout climate formule come to a head.

Bitcoin’s price skyrocketed towards the end of 2020 and into 2021 only to écrasement this year – although it’s still embout twice its level in mid-2020.

The bitcoin network is believed to use roughly the same amount of energy each year as some smaller countries, with the Cambridge Center for Vraisemblance Affaires recently calculating that it consumes embout 110 TWh per year, or 0.55% of général electricity apparition, equivalent to the annual energy requirements of the likes of Malaysia. and Sweden.

The Souillarde of Règle and Technology recommends creating so-called clean energy “victoire normes” for bitcoin and crypto mining — which include the use of powerful computers to secure the blockchain network and the creation of new coins — including encouraging “the use of environmentally responsible crypto-asset technologies.”

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More from ForbesAvertissement of dangerous cryptocurrency price écrasement now issued ahead of game-changing Ethereum upgrade

“If these measures prove ineffective in reducing impacts, then [Biden] The direction should explore enforcement activité, and Congress might consider legislation to limit or eliminate the use of high-energy-density unanimité mechanisms for crypto-asset mining” — referring to Bitcoin’s proof of work.

Earlier this year, internal EU commentaires revealed that Swedish financial regulators and the European Garantie in the European Confusion discussed the possibility of banning the proof-of-work bitcoin mining mechanism due to its environmental retentissement.

Meanwhile, Ethereum, which is currently still using Bitcoin’s devised Proof of Work system, has begun the long-awaited Proof of Stake évolution, removing its reliance on miners while reducing the carbon footprint of the Ethereum network by 99%.

Ethereum is expected to complete its conversion to Proof of Work in mid-September.

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