Witnesses Debate Crypto Mining's Efficiency in Congressional Hearing on Environment

Rep. Diana Degette chaired Thursday's hearing on crypto's energy impact.

The hearing featured Cornell Tech Professor Ari Juels, Soluna Computing CEO John Belizaire, BitFury CEO Brian Brooks, former Chelan County Public Utility District General Manager Steven Wright and Jordan Ramis shareholder Gregory Zerzan discussing the energy consumption related to the proof of work consensus model to validate crypto currency transactions.

“An activity that consumes 100 TW of power derived exclusively from coal or oil adds carbon to the environment and consumes a scarce resource; an activity that consumes the same amount of power derived from a mix of solar, wind and hydropower does neither,” said Bitfury's Brian Brooks, the former acting comptroller of the currency.last year, which included wind hydro, solar, nuclear and carbon offsets, compared to 31% for the U.S. energy grid as a whole.

Soluna's John Belizaire and Gregory Zerzan, the Jordan Ramis PC shareholder, said that crypto mining actually helps renewable energy producers sell electricity that is otherwise wasted, thus providing them with much needed capital. Rep. Cathy Rodgers , who began the hearing with an off-topic speech about inflation, COVID and the current U.S. president, asked about the potential of blockchain to protect citizens’ privacy, as well as the potential adverse impact of regulation on job and investment growth. Rep. Annie Kuster inquired about innovations that could stem from bitcoin mining and benefit other industries.

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