White House science office examines effect of crypto on climate, despite sparse data
White House Office of Science and Technology Policy Draws Mixed Conclusions on Crypto and Climate, Amid Changing Times fast technology.
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The White House Office of Science and Technology Policy (OSTP) has weighed the environmental and energy impact of crypto assets in the United States, finding that crypto contributes significantly to energy consumption and greenhouse gas (GHG) emissions. It recommends monitoring and regulation in response.
The report, released on September 8, was the latest to come out of US President Joe Biden's March Executive Order (EO) on the development of digital assets. The OE tasked the OSTP with investigating the energy consumption associated with digital assets, comparing this consumption with other energy expenditures, investigating the uses of blockchain technology to support climate protection and to make recommendations to minimize or mitigate the environmental impact of digital assets.
The study found that crypto assets use about 50 billion kilowatt hours of energy per year in the United States, or 38% of the global total. A lack of monitoring made accurate energy accounting impossible. The report, however, confirmed the tradition of making creative energy consumption comparisons, saying that crypto assets are responsible for slightly more energy consumption in the United States than personal computers, but less than household lighting. or refrigeration. Additionally:
"Noting that direct comparisons are complicated, Visa, MasterCard, and American Express combined [...] consumed less than 1% of the electricity used by Bitcoin and Ethereum in the same year, despite processing multiple times the number of on-chain transactions and support their broader business operations.
High energy consumption strains networks and drives up energy prices, the report says. The role of proof of work in the power consumption of crypto assets has been clearly noted...
White House Office of Science and Technology Policy Draws Mixed Conclusions on Crypto and Climate, Amid Changing Times fast technology.
New
The White House Office of Science and Technology Policy (OSTP) has weighed the environmental and energy impact of crypto assets in the United States, finding that crypto contributes significantly to energy consumption and greenhouse gas (GHG) emissions. It recommends monitoring and regulation in response.
The report, released on September 8, was the latest to come out of US President Joe Biden's March Executive Order (EO) on the development of digital assets. The OE tasked the OSTP with investigating the energy consumption associated with digital assets, comparing this consumption with other energy expenditures, investigating the uses of blockchain technology to support climate protection and to make recommendations to minimize or mitigate the environmental impact of digital assets.
The study found that crypto assets use about 50 billion kilowatt hours of energy per year in the United States, or 38% of the global total. A lack of monitoring made accurate energy accounting impossible. The report, however, confirmed the tradition of making creative energy consumption comparisons, saying that crypto assets are responsible for slightly more energy consumption in the United States than personal computers, but less than household lighting. or refrigeration. Additionally:
"Noting that direct comparisons are complicated, Visa, MasterCard, and American Express combined [...] consumed less than 1% of the electricity used by Bitcoin and Ethereum in the same year, despite processing multiple times the number of on-chain transactions and support their broader business operations.
High energy consumption strains networks and drives up energy prices, the report says. The role of proof of work in the power consumption of crypto assets has been clearly noted...
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