![]() "Under the firm leadership of the CPC Central Committee with Comrade Xi Jinping at its core, efforts should be made to unite the whole Party and all the Chinese people and lead them in building on past achievements," the meeting said, dropping clear hints that Xi will continue to lead the party. The meeting of the 25-member Politburo, the principal policy making committee of the Communist Party of China (CPC), which met last Friday, said: "it was stressed at the meeting that the 20th CPC National Congress is a convention of great significance to be held at a crucial moment”. Xi's position is to be further elevated after the ruling Communist Party announced this week that it would amend its constitution at the upcoming national party Congress, according to analysts. Besides, other financial assets like Gold and fiat currencies are even bigger contributors to emission levels.China's ruling Communist Party is all set to amend its constitution at the next month's key once-in-a-five-year Congress to grant more powers to President Xi Jinping besides endorsing a record third term for him to lead the country for another five years or beyond. Most major corporations use much more energy than Bitcoin ( BTC).įor example, several reports have shown that Amazon significantly underreports its carbon emissions by only calculating emissions of about 1% of the products it sells online.Įven with that, it emitted 71.54 million metric tons last year. In reality, crypto mining is responsible only for a tiny fraction of global emissions. However, the report might have placed overemphasized the impact of crypto mining on the environment. Is crypto mining harmful to the environment? It mentioned miners that use flared and vented methane for their machines and how this is positive for the climate.Īdditionally, it called for the mining industry to provide better data showing its use of clean energy and said miners “could volunteer or be required to build zero-carbon energy capacity that produces more electricity” than their crypto-mining facility requires. The report acknowledges innovations on the part of miners. ![]() “Combined 140 ± 30 million metric tons of carbon dioxide per year (Mt CO2/y), or about 0.3% of global annual GHG emissions.”īesides regulating crypto mining for environmental purposes, the White House also wants electricity grid operators to ensure crypto mining doesn’t affect grid stability. The report also highlighted the high energy consumption of crypto mining, saying that the energy generation for the major crypto assets is a: “Should these measures prove ineffective at reducing impacts, the Administration should explore executive actions, and Congress might consider legislation to limit or eliminate the use of high energy intensity consensus mechanisms for crypto-asset mining.”Īlthough the report does not mention proof of work mining, it refers to high-energy intensity consensus mechanisms. Meanwhile, the report took it a step further by recommending a possible limit or ban on crypto mining if the measures don’t prevent the negative impacts of crypto mining. ![]() It recommended technical assistance from the Department of Energy (DOE) and the Environmental Protection Agency (EPA). It also emphasized minimizing other noise, emissions, and water impacts. The report focuses primarily on establishing standards for crypto miners and recommends several measures to limit the energy consumption of proof-of-work mining. It was spearheaded by the White House Office of Science and Technology Policy (OSTP). The report is a result of President Biden’s executive order on crypto earlier this year. In a report titled Climate and Energy Implications of Crypto-assets in the United States, the White House called for standards like miners using clean energy and the need for low energy intensities. The White House has proposed that the crypto mining industry have some standards to mitigate its environmental effects.
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