... system," according to Brian Brooks, CEO of major #blockchain technology firm Bitfury and a former Comptrollerof the Currency in the #US. "Put differently, the banking system requires 573 TWh of power to produce USD 1 trillion of value. That is about 2.5 timesthe...
... per year," Brooks' testimony said, adding that #goldmining also "Presents a host of other environmental concerns," including solid waste, chemical consumption, and pollutants. "If #bitcoin and other #cryptocurrencies compete withbanks as a means of payment, then...
...then an appropriate question is whether the energy used in #bitcoinmining produces more #economic value per unit of energy than #banking." The development of promising immersion cooling systems for #mining machines which can significantly reduce energy use for....
... cooling. The hearing today has already caused a stir in the #crypto community after a published memo with background information on #proofofwork mining was accused of containing "Basic errors" and praising #proofofstake #blockchains. The same memo was also...
... was also commented on by Coin Metrics Co-founder and Castle Island Ventures General Partner Nick Carter, who said during a presentation with the #BitcoinMiningCouncil on Tuesday that the memo containsfigures relating to mining e-waste that "We know to be false."
He explained his reason for not spending more time on the hearing by saying that none of the major #US-based #mining firms were invited to participate,adding that it is "Telling that thecommittee specifically avoided them." #news #CryptoNews #cryptocurrency #economy