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Witnesses address energy impacts of crypto mining during House hearing -Breaking

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Five experts from the industry presented different perspectives to the United States House Energy and Commerce Oversight Subcommittee on the topic of how the lawmakers should address cryptocurrency’s energy consumption.

In written testimony Released before a Thursday hearing on “Cleaning Up Cryptocurrency: The Energy Impacts of Blockchains,” former Comptroller of the Currency Brian Brooks argued that the energy consumption of (BTC) mining was “economically productive,” given other assets including gold required roughly the same amount of energy for mining, with the “a host of other environmental concerns.” In addition, Brooks said that the traditional global banking system consumed roughly 2.5 times the amount of power to produce the same amount of value BTC does at its current market capitalization.