US Congress has introduced a bill proposing proof-of-work (PoW) Bitcoin mining as a potential aid to the US energy goals and economic growth. Moreover, Republican official Pete Sessions introduced legislation that could be vital to mining in the mainstream.
The bill regards mining’s importance to the United States. Specifically aiding “the United States’ ability to achieve its energy goals and grow its economy.” Conversely, the resolution lays out the ways in which the House of Representatives should approach the practice of Bitcoin mining in the US economic state.
Congress Introduces Bitcoin Mining Resolution
Since its inception, the practice of Bitcoin mining has dominated the discourse within the mainstream adoption of digital assets. US Congress has introduced a bill proposing PoW Bitcoin mining’s aid to the US energy goals and economic growth.
Pete Sessions introduced the resolution that speaks on the practice in specific terms, stating that “PoW mining is an essential process that allows for a blockchain network to remain trusted, open, and decentralized,” within the legislation.
Additionally, the resolution states that many worries about the practice are unfounded. Reading, “PoW does require energy consumption for this validation process, many of the concerns are unwarranted, because PoW minings energy usage is transparent and verifiable.”
Moreover, the practice, “uses .14 percent of the global energy supply,” within the bill. While also noting crypto mining “improves the overall economic viability of renewable energy projects,” through its ability to utilize excess supply.
“Whereas PoW mining economics are notably responsive to electricity prices,” the bill reads. Additionally, “miners can curtail operations when electric supply is low or prices are high, providing more energy to households and the grid during times of heavy demand.”
Conclusively, the bill notes PoW minings efforts in being environmentally conscious. Noting it can work “to reduce methane emissions by using stranded or wasted methane as a fuel source,” within the legislation.
Source: Watcher.Guru