So, Is the White House Banning Bitcoin Mining, or Promoting It to Help Climate Change?

The Breakdown

Blockworks

Investing, Business

4.8 • 786 Ratings

🗓️ 10 September 2022

⏱️ 18 minutes

🔗️ Recording | iTunes | RSS

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Summary

This episode is sponsored by Nexo.io, Chainalysis and FTX US. On today’s episode, NLW examines the new report from the White House about crypto mining and its impact on climate change. He argues that the report is effectively a Rorschach test for people’s prior beliefs about what they expect or want the White House to say about crypto mining. - Nexo is a security-first platform where you can buy, exchange and borrow against your crypto. The company ensures the safety of your funds by employing five key fundamentals including real-time auditing and recently increased $775 million insurance on custodial assets. Learn more at nexo.io. - Chainalysis is the blockchain data platform. We provide data, software, services and research to government agencies, exchanges, financial institutions and insurance and cybersecurity companies. Our data powers investigation, compliance and market intelligence software that has been used to solve some of the world’s most high-profile criminal cases. For more information, visit www.chainalysis.com. - FTX US is the safe, regulated way to buy Bitcoin, ETH, SOL and other digital assets. Trade crypto with up to 85% lower fees than top competitors and trade ETH and SOL NFTs with no gas fees and subsidized gas on withdrawals. Sign up at FTX.US today. - I.D.E.A.S. 2022 by CoinDesk facilitates capital flow and market growth by connecting the digital economy with traditional finance through the presenter’s mainstage, capital allocation meeting rooms and sponsor expo floor. Use code BREAKDOWN20 for 20% off the General Pass. Learn more and register at coindesk.com/ideas. - “The Breakdown” is written, produced by and features Nathaniel Whittemore aka NLW, with editing by Rob Mitchell and research by Scott Hill. Jared Schwartz is our executive producer and our theme music is “Countdown” by Neon Beach. Music behind our sponsors today is “Razor Red” by Sam Barsh and “The Life We Had” by Moments. Image credit: Walter Bibikow/Getty Images, modified by CoinDesk. Join the discussion at discord.gg/VrKRrfKCz8.

Transcript

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0:00.0	Welcome back to The Breakdown with me, NLW.
0:09.2	It's a daily podcast on macro, Bitcoin, and the big picture power shifts remaking our world.
0:14.8	The breakdown is sponsored by nexo.io, chain aliasis, and FtX, and produced and distributed by CoinDesk.
0:22.8	What's going on, guys? It is Friday, September 9th, and today we are talking about a new
0:27.5	White House report on crypto mining. Before we dive in, however, if you are enjoying the breakdown,
0:33.1	please go subscribe to it, give it a rating, give it a review, or if you want to dig deeper
0:37.0	into the conversation, come join us on the Breakers Discord. You can find a link in the show notes or go to bit.ly
0:42.6	slash breakdown pod. Also, a disclosure as always, in addition to them being a sponsor of the show,
0:48.0	I also work with FTX. All right, well, happy Green Friday, y'all. It is a beautiful Friday morning. I haven't taken
0:56.4	the time to figure out why I think the numbers are going up. I just don't care. All I care about is
1:01.6	that they are. Anyway, I mentioned earlier this week that what I thought was sort of a calm,
1:08.3	basic week had turned very interesting with a flurry of communicates
1:12.4	from the U.S. government about crypto. And so today we're digging into another one of those
1:16.9	communications. We're now at the point where reports and analyses asked for by the Biden
1:21.9	administration as part of the executive order on crypto are starting to roll out. They give us a
1:26.6	chance to understand not
1:27.8	exactly how policy is going to be made, but how policymakers are thinking about things after some
1:32.9	concerted engagement. This week we got a report from the White House titled Climate and
1:38.0	Energy Implications of Crypto Assets in the United States. And no pun intended, it was something
1:43.4	of a lightning rod. The 46-page report
1:46.0	covered two main areas. First, energy usage and impact on the electricity grid, and second, emissions
1:52.4	and other environmental impacts. The report is actually the first document published from the
	...

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