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First U.S. House Hearing On Bitcoin Mining Shows Misunderstandings Today

The first Congressional hearing on bitcoin mining took place on Thursday after a U.S. House subcommittee scheduled it to get a better understanding of the environmental impacts of the industry.

Rep. Diana DeGette, a Democrat from Colorado, said in her opening statement that despite the promising applications of Bitcoin and blockchain technology, mining’s energy usage and carbon emissions ought to be at the forefront of all discussions about cryptocurrency.

“We cannot bring retired fossil fuel plants back online or delay the retirement of some of our oldest and least efficient plants in support of energy-intensive crypto mining,” said Rep. Frank Pallone, the Democrat who heads the Energy and Commerce Committee, according to a Bloomberg report.

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