US Democrats Urge Regulators to Ban Bitcoin (BTC) and Cryptos

US Democrats Urge Regulators to Ban Bitcoin (BTC) and Cryptos

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

Bitcoin (BTC) and electricity: what relationship?

The average person only hears about cryptocurrencies but does not 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 obtain tokens. Faced with this ignorance, more and more people are adopting cryptocurrencies without knowing the risks associated with their issuance.

The members of congress of the United States have seen the negative impact of digital assets. For this reason, they would like to ban bitcoin and cryptos. Indeed, crypto mining requires a lot of energy. Between early 2019 and mid-June 2022, crypto consumed the equivalent of Norway and Sweden’s annual electricity.

Ether and bitcoin, the two largest cryptocurrencies by market capitalization are the most energy intensive. They alone require the equivalent of the UK’s annual electricity consumption. As a result, energy costs are increasingly high and the atmosphere is not unscathed.

The harmful effect of cryptos on the environment

Generally, the search for gains is more important than anything. This is why investors are constantly looking for new profitable sectors. However, some actions have consequences too great to ignore. It is on this perspective that American Democrats are basing their call for a ban on digital assets. Although profitable, cryptos pollute the environment enormously. According to the United States Congress report, crypto mining emits more greenhouse gases than electric vehicles.

Thus, the development of these assets should be curbed. Between 2019 and January 2022, mining operations increased from 4% to 38% in the USA. This represents about a third of the world’s crypto mining activities. Additionally, miners are now turning to cities with relatively low electricity costs like Texas. Meanwhile, Plattsburgh, New York has seen its bills rise dramatically, about $300 more than usual.

Crypto mining in the United States worries Democrats. As a result, they are urging regulators to ban bitcoin and all cryptocurrencies in general. Given the high energy consumption that the process requires, members of Congress are talking about the risks it could cause to the state’s electrical voltage. Under these circumstances, one has to wonder if the government crackdown that took place in China last year is not the best solution to combat the devastating effects of digital assets.

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Eddy Senga avatar

Eddy Senga

The world is changing and adaptation is the best weapon to survive in this undulating universe. As a crypto community manager at the base, I am interested in everything directly or indirectly related to the blockchain and its derivatives. In order to share my experience and make known a field that fascinates me, nothing better than writing informative and relaxed articles at the same time.

#Democrats #Urge #Regulators #Ban #Bitcoin #BTC #Cryptos

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