Bitcoin threatened by the White House? BTC mining in Joe Biden’s crosshairs

Bitcoin state affair? – The European Union is not the only entity to endanger Bitcoin (BTC) by attacking its consensus by proof of work (PoW). BTC mining is a concern right up to the top of the US federal state. President Joe Biden intends to bring Bitcoin and its mining activities to heel.

Proof of Work comes under political pressure again

Recall that the proof of workWhere Proof-of-Workis the consensus chosen by Sataoshi Nakamoto to ensure maximum security and of decentralization to the blockchain network of Bitcoin. The validation of transaction blocks requires a calculation requiring the provision of computing power (hashrate), the energy cost of which is offset by a block reward validated (in BTC).

This energy expenditure is a pretext everything found to attack Bitcoin which, after the mockery and denigration of the first years, is beginning to be adopted by entire countries (El Salvador and Central African Republic).

This is a Bloomberg Law publication that reveals Washington’s upcoming charge against Bitcoin and its PoW. The administration of Joe Biden would thus be to prepare “policy recommendations”in order to “reduce energy consumption and emissions footprint” caused by crypto-mining activities.

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Oval Office admits Bitcoin and cryptos will have to come to terms

According Costa SamarasSenior Deputy Director for Energy in the White House Office of Science and Technology Policy:

“It is important if [les cryptomonnaies] must be part of our financial system in a meaningful way, that it is developed responsibly and minimizes total emissions. (…) When we think about digital assets, the discussions need to be about climate and energy. »

A report on how to act would thus be expected in the middle of the summer period, for the month ofnext august. Bitcoin regulation does not have time to take vacations (and like citizens, they have the fault of taking one: they will have something else to think about than to protest).

The question will be whether or not it will be necessary break the backbone Proof of work crypto miners. This in order to favor the Proof of stake, despite risks of plutocracy inherent in this mode of consensus.

“We need to think about what the appropriate policy responses would be in a world going through Proof-of-Stake (PoS, or Proof of Stake), or in a world that would have a permanent mix of Proof of Work and Proof of Stake. (…) Proof-of-work is, by design, power-hungry, but it also increases security. »

Costa Samaras

The cryptosphere – and more specifically the PoW crypto mining industry – will still have to wait some time to find out what sauce it will be eaten in the United States. Hopefully these new policy recommendations are more constructive than destructive for the bitcoin and digital asset sector. As had been Joe Biden’s executive orders last March.

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