ICYMI: No fireworks at House’s Bitcoin mining hearing, but pending climate bills could home in on crypto
While there seemed to be no political momentum behind a proper crackdown, pending climate legislation may well seek to address mining.In a much-anticipated hearing earlier today, Congress heard testimony on cryptocurrency mining.
"We cannot bring entire fossil fuel plants back online," said Rep. Frank Pallone, chairman of the full Energy Committee, of the return of peaker plants now used for Bitcoin mining."Particularly in light of cleaner blockchain technologies that already exist." And indeed, even the most caustic commentary from today’s hearing did not go so far as to advocate an explicit crackdown.
In contrast, Brian Brooks, CEO of Bitfury said that"decentralization is what crypto is all about, and Bitcoin is the most decentralized." It's a situation he explicitly attributed to Bitcoin. There was, nonetheless, considerable controversy over the witness list. Nic Carter, a partner at Castle Island Ventures and a person many in the crypto industry put forward to testify,to decry the hearing’s preparations, which did not include any of a number of mining companies that are publicly traded in the U.S.