US government threatens proof-of-work ban

In a report on the climate impact of the crypto industry, the White House calls for a drastic reduction in the industry's energy consumption.

The US government's climate targets call for a 50 to 52 percent reduction in greenhouse gas emissions by 2030. In order to achieve this, the crypto industry must focus on several goals.

These include "reducing greenhouse gas emissions, avoiding operations that increase electricity costs for consumers, avoiding operations that reduce the reliability of power grids, and avoiding negative impacts on equity, communities and the local environment."

The basis for this is a “joint process with states, municipalities and the crypto industry to develop effective, evidence-based environmental performance standards for the responsible design, development and use of environmentally friendly crypto technologies”.

The Environmental Protection Agency (EPA), the Department of Energy (DOE) and “other federal agencies are to provide technical support for this”.

Failure to meet these goals could result in a proof-of-work ban: “Should these measures prove ineffective in reducing impact, the government should consider executive action and Congress could consider legislation to restrict the use of Restrict or eliminate high-energy consensus mechanisms for crypto-asset mining.”

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