US Democrats Urge Regulators to Ban Bitcoin (BTC) and Cryptos

US Democrats Urge Regulators to Ban Bitcoin (BTC) and Cryptos

New technologies are gaining a little more ground every day. Evolution has consequences that no one could have imagined and the United States is now right in the middle. Faced with several disadvantages of crypto mining, members of Congress in the United States are urging regulators to ban the mining of bitcoin (BTC) and other cryptocurrencies.

Bitcoin (BTC) and electricity: what relationship?

The common man only hears about cryptocurrencies but doesn’t really know what it is. It is good to know that cryptos in general and bitcoin in particular have great earning potential. However, it would also be important to know how to find signs. Facing this ignorance, more and more people are accepting cryptocurrencies without knowing the risks associated with their issuance.

The IS members of Congress of the United States seen the negative impact of digital assets. For this reason, they want to ban bitcoin and cryptos. In fact, crypto mining requires a lot of energy. Between early 2019 and mid-June 2022, crypto consumed the equivalent of the annual electricity of Norway and Sweden.

Ether and bitcoin, the two largest cryptocurrencies by market capitalization are the most energy intensive. They only need the equivalent of the UK’s annual electricity consumption. As a result, energy costs are getting higher and the atmosphere is not unspoiled.

The harmful effect of cryptos on the environment

In general, the search for gains is more important than anything. That is why investors are always looking for new profitable sectors. However, some actions have consequences too great to ignore. It is on this point of view that the American Democrats are basing their call for a ban on digital assets. Although profitable, crypto pollutes the environment a lot. According to a US Congress report, crypto mining emits more greenhouse gases than electric vehicles.

Therefore, the development of these assets should be restricted. Between 2019 and January 2022, mining operations increased from 4% to 38% in the US. This represents about a third of the world’s crypto mining activities. In addition, miners are now turning to cities with relatively low electricity costs such as Texas. Meanwhile, bills in Plattsburgh, New York, have risen significantly, about $300 more than usual.

Crypto mining in the United States worries Democrats. As a result, they are urging regulators to ban bitcoin and all cryptocurrencies Generally. Because of the high energy consumption required by the process, members of Congress are talking about the risks that could cause the state’s electrical voltage. Under these circumstances, one must think that the government crackdown that took place in China last year is not the best solution to combat the terrible effects of digital assets.

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Eddy Senga avatar

Eddy Senga

The world is changing and adaptation is the best weapon to survive in this turbulent world. As a crypto community manager at the base, I am interested in everything directly or indirectly related to the blockchain and its derivatives. To share my experience and share an area of ​​interest to me, there is nothing better than writing articles that are informative and entertaining at the same time.

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