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 once more
Recall that the proof of workor 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, following the mockery and denigration of the first years, is beginning to be adopted by entire countries (El Salvador and Central African Republic).
It’s a publication from Bloomberg Law revealing Washington’s upcoming charge once morest 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 regarding digital assets, the discussions need to be regarding climate and energy. »
And rapport 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 regarding 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 regarding 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 patients some time to find out what sauce it will be eaten in the United States. Let’s hope that these new policy recommendations are more constructive than destructive for the bitcoin and digital assets sector. As had been Joe Biden’s executive orders last March.
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