Coinmetrics co-founders Peter McCormack and Nic Carter argued in the latest episode of WhatBitcoinDid that “the White House is wrong about Bitcoin mining.”
The report in question states that President Biden presidential decree March.
Carter claimed the White House reached out to him for comment on the report, but they “didn’t listen” and “ignored everything” he had to say. . He added:
“[The White House] Bitcoiners are not completely ignorant of what they have to say about mining. They are very in denial of those things. ”
Additionally, Carter argued that the report “downplayed many of the mitigating factors” raised by bitcoin enthusiasts against criticism of bitcoin mining. I was also “disappointed” by the apparent lack of original research in the report, which claims to have merely rehashed historical arguments.
Carter claims other tech industries are also being scrutinized for their use of energy, but believes Bitcoin receives “too much attention” on the issue. said the report’s conclusions assume that Bitcoin miners must maintain higher standards than other industries when it comes to net energy usage and consumption.
Carter was also critical of the Biden administration’s approach to ESG initiatives to cut domestic gas production in the US amid the global energy crisis.he claimed to be
“There is an incredible abundance of energy in this country that is really underutilized. I must ask you to
Carter said he’s not a fossil fuel proponent and believes the world needs an energy transition, but at the moment “it’s being done in a rash way.”
Carter also talked about energy issues where Bitcoin is capitalizing on inefficiencies in the energy sector.Gas flare This is the process of burning natural gas, which is wasted due to the lack of infrastructure to supply the natural gas during mining. Companies such as Exxon Mobil have experimented with using wasted gas to mine Bitcoin with some success.
However, Carter doesn’t see this as a growth area for bitcoin mining, instead focusing on an area where energy producers are struggling to sell electricity at night as an energy source for bitcoin. I am pointing out.
The lack of “good bottom-up research” is partly responsible for perceptions of Bitcoin mining. McCormack stressed the need to understand the current amount of underutilized energy Bitcoin miners are using. Instead of conducting additional research, the White House report came to “draft conclusions.”
Additionally, Carter claimed the government cited a report funded by the Proof of Stake Protocol on Proof of Work data.
“There are these academics who have this Crypto Carbon Ratings Institute, funded by the Proof of Stake Protocol to produce ESG reports…they have an anti-Proof of Work bias. increase.”
One aspect of the report Carter saw value in was increased transparency from publicly traded Bitcoin miners. But the recommendation that Congress consider a ban on bitcoin mining is something he disagrees with. I think.
“It takes progressive people to understand that Bitcoin is actually a progressive idea,” McCormack said at the end of the podcast. The conversation culminated in the assumption that a Democratic-led Congress would be more likely to pass a Bitcoin ban than a Republican Congress.
The full podcast can be viewed via the link in the tweet below.
WBD571 – The White House Is Wrong About Bitcoin Mining @nic__carter. Describes:
– Lack of academic rigor in reports
– Looming regulations and mining bans
– Where #bitcoin mining wins
– what we can dohttps://t.co/JhBlMiQGU7 pic.twitter.com/jR8zLjVJCz
— What Bitcoin Did (@WhatBitcoinDid) October 24, 2022