The 4 greatest US-based mining operations \u2013 Core Scientific, Marathon Digital Holdings, Riot Blockchain, and Stronghold Digital Mining \u2013 bought a letter from the House Committee On Energy and Commerce. The Committee needs to find out about their power utilization and \u201chow each company is mitigating those impacts and what steps are being taken to ensure their operations do not strain the energy grid or undermine our nation\u2019s climate goals.\u201d<\/span><\/p>\n Is this a teachable second or an indication of issues to come back? Are Core Scientific, Marathon, Riot, and Stronghold ready for the duty? Could curiosity from the US Government really be a optimistic signal for the sector? Or are they tightening up measures to assault the bitcoin mining business? Why Core Scientific, Marathon, Riot, and Stronghold? Why now? Does it need to do with <\/span>BlackRock<\/span><\/a> giving bitcoin mining the inexperienced gentle? Or does it need to do with the extreme sanctions towards <\/span>Tornado Cash?<\/span><\/a><\/p>\n JUST IN \u2013 4 U.S. #Bitcoin<\/a> mining corporations together with Marathon, Riot, CoreScientific, and Stronghold have obtained a letter from the U.S. House Committee on Energy and Commerce demanding explanations on power utilization and e-waste. pic.twitter.com\/IX4IHttG0b<\/a><\/p>\n \u2014 Dennis Porter (@Dennis_Porter_) August 19, 2022<\/a><\/p>\n<\/blockquote>\n \u00a0In a press launch,<\/span> the House Committee On Energy and Commerce described<\/span><\/a> the Core Scientific, Marathon, Riot, and Stronghold circumstances as:<\/span><\/p>\n \u201cBlockchain technology holds immense promise that may make our personal information more secure and economy more efficient. However, the energy consumption and hardware required to support PoW-based cryptocurrencies may, in some instances, produce severe externalities in the form of harmful emissions and excess electronic waste.\u201d<\/span><\/p>\n<\/blockquote>\n Where does the House will get this info from? The fully debunked Digiconomist, maybe? Did they learn<\/span> this letter 14 Members of Congress sent to the EPA<\/span><\/a>? Do they find out about how <\/span>bitcoin can put methane to good use<\/span><\/a> and curb gasoline flaring within the course of?<\/span><\/p>\n Consider <\/span>BlackRock\u2019s recent reversal on their bitcoin<\/span><\/a> coverage:<\/span><\/p>\n \u201cBlackRock has been a leader in the Environmental, Social, and Governance (ESG) movement. The firm and others have injected billions of capital into companies that meet their criteria. Bitcoin was thought to be outside of this movement due to its alleged high energy consumption.<\/span> However, additionally take into account <\/span>the severity of the sanctions<\/span><\/a> towards Tornado Cash:<\/span><\/p>\n \u201cThis sanction came directly from the Office of Foreign Assets Control (OFAC), which is responsible for sanctioning countries and foreign entities that the US government has deemed enemies of the state or major criminals. So just as transacting with a country or organization sanctioned by OFAC is illegal, so is transacting with Tornado Cash or any funds associated with it.\u201d<\/span><\/p>\n<\/blockquote>\n The query right here is: Does the Core Scientific, Marathon, Riot, and Stronghold case pertains to the primary story or to the second? Is the US about to declare the extremely worthwhile exercise of bitcoin mining as ESG-friendly? Or are they tightening the screws?<\/span><\/p>\n The different quote within the press launch doesn\u2019t sound good for bitcoin mining within the US. The\u00a0 House Committee On Energy and Commerce informed Core Scientific, Marathon, Riot, and Stronghold:<\/span><\/p>\n \u201cGiven the existential threat posed by the climate crisis, we are deeply concerned about efforts like this that increase demand for fossil fuels, with the potential to put new strain on our energy grid. While blockchain technology is emerging as a potentially important tool in fighting climate change, increasing demand on the grid and burning more fossil fuels to power PoW cryptomining facilities only serves to undermine the potential climate benefits of blockchain technology and hold us back from achieving our climate pollution reduction goals.\u201d<\/span><\/p>\n<\/blockquote>\n Consider, although, <\/span>the findings of the Bitcoin Mining Council<\/span><\/a>. \u201cAccording to the BMC survey, participants are using electricity with 66.8% of the sustainable power mix. This represents an increase over Q1, 2022, data and records an estimate of 59.5% sustainable electricity mix across the entire Bitcoin network.\u201d If the federal government makes a radical investigation and concludes this to be true, a complete business might get the stamp of approval it\u2019s been ready for.\u00a0<\/span><\/p>\n However, the other can be true. It doesn\u2019t matter how inexperienced the bitcoin community will get, this factor might go both approach.<\/span><\/p>\n The US Government needs to know:<\/span><\/p>\n Do you actually assume Core Scientific, Marathon, Riot, and Stronghold aren\u2019t prepared for these questions? They\u2019ve been working in direction of these objectives because the very starting. The House Committee On Energy and Commerce can be pleasantly stunned.<\/span><\/p>\n\n
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Background To The Core Scientific, Marathon, Riot, and Stronghold circumstances<\/span><\/h2>\n
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<\/span>Today\u2019s announcement, coming from the largest investment firm in the world, sends a completely different signal to the financial world. According to analytics account MacroScope, BlackRock is <\/span>waving<\/span><\/a> the \u201cgreen \u201cBTC is ok\u201d flag to the whole ESG-focused funding sector.\u201d<\/span><\/p>\n<\/blockquote>\n\n
![\"BTCUSD](\"https:\/\/bitcoinist.com\/wp-content\/uploads\/2022\/08\/BTCUSD_2022-08-21_02-57-15-640x356.png\")
<\/p>\nBTC value chart for 08\/21\/2022 on Bitfinex | Source: BTC\/USD on TradingView.com<\/a><\/pre>\n
What Does The US Government Want To Know?<\/span><\/h2>\n
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The Exact Questions That Core Scientific, Marathon, Riot, and Stronghold need to reply<\/span><\/h2>\n
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Featured Image: House Committee On Energy and Commerce header<\/span> | Charts by TradingView<\/a><\/pre>\n![\"FED,](\"https:\/\/bitcoinist.com\/wp-content\/uploads\/2022\/07\/dollar-gfcf286645_1280-630x420.jpg\")
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