US Democrats are urging regulators to ban Bitcoin (BTC) and cryptos

New technologies are gaining a little more ground every day. Evolution has consequences that no one could have imagined, and the United States is right in the middle of it. Faced with some downsides to crypto mining, members of Congress in the United States are urging regulators to ban mining of Bitcoin (BTC) and other cryptocurrencies.

Bitcoin (BTC) and electricity: what relationship?

The average person only hears about cryptocurrencies but doesn’t really know what it is. Knowing that cryptos in general and bitcoin in particular have great earning potential is a good thing. However, it would also be important to know how to get tokens. Faced with this ignorance, more and more people are adopting cryptocurrencies without realizing the risks associated with their issuance.

That members of Congress of the United States have seen the negative impact of digital assets. Because of this, they want to ban bitcoin and cryptos. In fact, crypto mining requires a lot of energy. Between early 2019 and mid-June 2022, crypto consumed the equivalent of the annual electricity of Norway and Sweden.

Ether and Bitcoin, the two largest cryptocurrencies by market cap, are the most energy intensive. They alone require the equivalent of the UK’s annual electricity consumption. As a result, energy costs are increasing and the atmosphere is not intact.

The harmful effect of cryptos on the environment

In general, finding profits is more important than anything else. That is why investors are constantly looking for new profitable sectors. However, some actions have consequences too great to ignore. The American Democrats base their call for a ban on digital assets on this perspective. While cryptos are profitable, they have a huge impact on the environment. According to the United States Congress report, crypto mining emits more greenhouse gases than electric vehicles.

Therefore, the development of these assets should be curbed. Between 2019 and January 2022, US mining operations increased from 4% to 38%. This equates to about a third of global crypto mining activity. Additionally, miners are now turning to cities with relatively low electricity costs, like Texas. Meanwhile, bills in Plattsburgh, New York, have increased dramatically, about $300 more than usual.

Crypto mining in the United States worries Democrats. As a result, they are pushing regulators to ban bitcoin and all cryptocurrencies In general. Given the high energy consumption required by the process, congressmen speak of risks to the state’s electrical tension. Under these circumstances, one has to wonder if the government crackdown in China over the past year isn’t the best solution to combat the devastating effects of digital assets.

Receive a roundup of what’s new in the cryptocurrency world by subscribing to our new daily and weekly newsletter service so you don’t miss any of the essential Cointribune!

Eddy Senga avatar

Eddie Senga

The world is changing and adaptation is the best weapon to survive in this hilly universe. As a grassroots Crypto Community Manager, I am interested in everything directly or indirectly related to the blockchain and its derivatives. To share my experiences and to publicize an area that fascinates me, there is nothing better than writing informative and relaxed articles at the same time.

#Democrats #urging #regulators #ban #Bitcoin #BTC #cryptos

Leave a Comment

Your email address will not be published.