Tuesday, March 2, 2021

James Cooper: Greener Bitcoin Mining is a US Opportunity – Coindesk

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The incoming administration of Joe Biden has the opportunity to take the world lead in green mining for digital resources. Geopolitical struggles are no secret Exposure to new forms of cryptocurrencies – both state-sponsored and private – and the best position for new capital formation and technological advancement. To win this global competition, the new U.S. government must ensure the mining process as well as more regulatory precision of digital resources, a Extraordinary drain on power supply And a contributor to global warming is done in an environmentally sensitive way.

Some of the new leaders in the administration should work together to formulate policies for the development of this emerging industry. Expected climb of Gary GenslerThe former chairman of the Commodity Futures Trading Commission to lead the Securities and Exchange Commission was well supported by the regulators for digital assets for a more enlightened and practical approach. After all, he had just finished a course on blockchain at MIT, looking at technology as one. “Catalyst for change,” And is Inheritance has been seen as a threat to the financial system. This is best for disruptive financial technologies.

James Cooper is a professor of law and the dean of experience at the Western School of Law in California. He is moderating A panel for Digital Davos January 20, related to the ethics and technology of developing countries.

Also, Naming former Secretary of State John Kerry The appointment of a cabinet-level post as special presidential envoy for climate change is a sign of the new administration’s commitment to tackling global climate change. He understands the importance of cryptocurrency. Kerry was quoted at the World Economic Forum three years ago this week as having cryptocurrencies. “Got the price.” Together with preventing crypto mining from contributing to more greenhouse gases, these two employers can work together to ensure the country leads the fintech development.

Plenty of projects abroad are already aimed at success in the green mining space and could serve as a model for the United States. In 2019, Beatfury set up a mining center in Paraguay within the largest hydroelectric project in South America – the Itaipu Dam. The world’s largest generator of renewable clean energy. The government in Asuncion has supported the Commons Foundation The Golden Goose Project, In an effort to establish the region as the world’s largest crypto-mining center but with the challenge of keeping the Paraguay project on its own to contribute to the greenhouse gases that the tropical country faces year after year. Using a lot of energy to cool the computer will be more productive even if the energy is produced by a renewable source.

Expensive mining centers based on renewable energy have also been established in the icy regions of Russia. Siberia. The home of the Normalsk nickel miner, however, is growing in the town of Norilsk Bitcoin mining is becoming an important economic driver. With temperatures dropping to minus 40 degrees Celsius (minus about 40 degrees Fahrenheit) in winter, this is a perfect weather to keep computing machines cool. It is definitely much cooler than Paraguay.

We should not forget that more than half of the houses are in China Bitcoin The world’s miners, most of whom are based in Sichuan due to low energy consumption driven by hydro-electric facilities. The region has been experiencing some of the worst floods in recent years due to climate change, which shows that hashtags are playing a very important role here. Pulin, which controls most of the BTC hash rate, has had constant power supply problems and some of its mining farms have been submerged by the monsoon floods. Even with the province’s huge hydropower potential, the authorities of the People’s Republic of China have generally banned digital resource industries – shuttering mining, exchanges and industrial conferences.

A more secure and geographically estimated project is being launched near the Churchill Falls hydro-electric plant in Labrador, a remote area of ​​eastern Canada. Pow.re, A Montreal-based company with investors from Asia, NL Hydro is taking on the power that is stuck. This hydro-electric facility emits mercury traces long past, so the project meets many environmental protection and sustainable development goals. Temperatures rarely exceed 60 degrees Fahrenheit in the summer, ensuring the machines stay cool. The only source of waste is heat – a luxury they dig in the sub-Arctic.

And while large quantities are important for providing affordable electricity hash rates, which are costly and have little environmental impact, so too are the champions of large policy-making positions. The combination of Gensler and Kerry in the Biden administration could help the United States take the lead in green mining. President Biden has promised to “build better.” Green digging is one such way. Private companies are also entering this opportunity: Square Crypto recently announced $ 10 million in funding To promote projects that use green energy for bitcoin mining.

The U.S. government can achieve a lot by providing regulatory transparency for fintech and environmentally effective policies for cryptocurrency mining. If not, other countries will take the lead and profit accordingly.



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