This week's House hearing into crypto's energy impact is the latest look at a not-very-deeply-discussed aspect of the crypto ecosystem, in this week's State of Crypto newsletter by nikhileshde.
Environmental concerns around crypto are nothing new. The University of Cambridge’s Bitcoin Electricity Consumption Index estimates that the Bitcoin network currently uses around 15.7 gigawatts . For comparison, my laptop uses around 65 watts.
“According to research on PoW cryptocurrencies’ carbon footprint in 2020, a single [ether] transaction added more than 90 pounds of CO2 to the atmosphere, while a single BTC transaction added more than 1,000 pounds of CO2 to the atmosphere. Based on estimates of 2021 emissions, ETH mining emitted more than 22 million tons of CO2 and BTC mining emitted more than 56.8 million tons of CO2.
“The profitability of mining and the increase of the value of [proof-of-work] cryptocurrencies over time supports massive investments in mining facilities, which require ever-increasing amounts of energy to power and cool machines,” the hearing memo said. To be honest, I don’t have a clear sense of how this hearing will play out yet. The seeds are there for a substantive conversation, though, and I’ve suspected for a year now that climate and energy issues will play into the crypto world so it’s really about time.Sarah Bloom Raskin to be the Federal Reserve’s Vice Chair for Supervision, as well as Lisa Cook and Philip Jefferson to serve as governors on the Fed’s board.
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