US officials may held a hearing on Bitcoin Carbon footprint

Reportedly US officials are working to hold a hearing on the issues because of Bitcoin, like environmental issues because of fossil fuels emissions and carbon footprint level. 

At present, in the whole crypto industry, this is only Bitcoin which can give full surety that an Investor can get a promised return. But besides its promising potential, there are some issues with it like high consumption of power to run the Bitcoin blockchain network and very low scalability. 

Recently, The Block published a report on a possible hearing that may take place soon in the future, in the US. 

According to the report, the Subcommittee on Oversight and Investigations—a subcommittee of the larger House Committee on Energy and Commerce — is reportedly working to create witnesses on the issues of Bitcoin carbon footprint level and other issues that the environment is facing. 

All the witnesses that the Committee is collecting, will give their statement against Bitcoin mining operations. And there are huge expectations that the committee will hold this hearing at the end of this month. 

This committee is one of the oldest committees in the US, which covers many types of matters like issues with the environment, energy, healthcare, and other important infrastructure. 

The source citing this matter told The Block that the Committee noted the increasing heat of the crypto mining activities in New York. And now, they will take suitable action against such activities, which are causing environmental issues. 

Elon Musk on Bitcoin  

In mid-2021, Tesla CEO Elon Musk announced through Twitter that his company will not accept payments in Bitcoin because bitcoin is not a better option. 

Elon explained that Bitcoin is an inefficient option in terms of payment method use case and also it is responsible for high-level carbon emissions. 

Once, Elon supported the initiative of China and claimed that few states of China were facing power outages, so it was a necessary step of the Chinese government to ban the crypto mining operations. 

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