What Happened at Congress’ Bitcoin Energy Hearing?

The Breakdown

Blockworks

Investing, Business

4.8 • 806 Ratings

🗓️ 22 January 2022

⏱️ 14 minutes

🔗️ Recording | iTunes | RSS

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Summary

This episode is sponsored by Nexo, Abra and FTX US. This week on the “Weekly Recap,” NLW breaks down the House hearing on energy in the crypto industry. He looks at problems with the advance memo and provides refutations of some of the misunderstandings. - Nexo is a powerful, all-in-one crypto platform where you can securely store your crypto. Invest, borrow, exchange and earn up to 17% APR on Bitcoin and 20+ other top coins. Insured for $375M. Audited in real-time by Armanino. Rated excellent on Trustpilot. Get started today at nexo.io. - Abra is proud to sponsor The Breakdown. Join 1M+ users and Conquer Crypto with Abra, a simple and secure app where you can trade 110+ cryptocurrencies, get 0% interest loans using crypto as collateral, and earn interest with up to 14% APY on stablecoins and 8.15% APY on Bitcoin. Visit Abra.com to get started. - 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. - Enjoying this content? SUBSCRIBE to the Podcast Apple: https://podcasts.apple.com/podcast/id1438693620?at=1000lSDb Spotify: https://open.spotify.com/show/538vuul1PuorUDwgkC8JWF?si=ddSvD-HST2e_E7wgxcjtfQ Google: https://podcasts.google.com/feed/aHR0cHM6Ly9ubHdjcnlwdG8ubGlic3luLmNvbS9yc3M= Join the discussion: https://discord.gg/VrKRrfKCz8 Follow on Twitter: NLW: https://twitter.com/nlw Breakdown: https://twitter.com/BreakdownNLW “The Breakdown” is written, produced by and features Nathaniel Whittemore aka NLW, with editing by Rob Mitchell, research by Scott Hill and additional production support by Eleanor Pahl. Adam B. Levine is our executive producer and our theme music is “Countdown” by Neon Beach. The music you heard today behind our sponsor is “Time” by OBOY. Image credit: Nuthawut Somsuk/iStock/Getty Images Plus, 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.
0:08.9	It's a daily podcast on macro, Bitcoin, and the big picture power shifts remaking our world.
0:14.9	The breakdown is sponsored by nexo.io, Abra, and FtX, and produced and distributed by CoinDesk.
0:22.6	What's going on, guys? It is Saturday, January 22nd, and that means it's time for the weekly
0:28.4	recap. And this week, we are getting into the House Energy and Commerce Committee's
0:33.6	hearing on cleaning up cryptocurrency, the energy impacts of blockchains.
0:38.8	Before that, however, if you're enjoying the breakdown, go subscribe to it, give it five stars,
0:43.7	leave a review, or join the Discord to get into the conversation.
0:48.2	We've got a ton of smart people over there.
0:49.8	You can find it at the link in the show notes or by going to bit.L.L.Y slash breakdown pod.
0:56.1	Finally, standard disclosure, in addition to them being a sponsor, I also work with FTX.
1:01.9	So today we are talking about the House Energy and Commerce Committee's cleaning up
1:05.6	cryptocurrency energy hearing, and we're going to separate it into two parts.
1:09.1	What we were preparing for, based on the
1:12.0	house memo that was released and the prepared testimony of witnesses, and then what happened?
1:17.7	I'm going to be pointing to Nick Carter a lot. He was not one of the witnesses, but I think he was
1:22.4	the voice of the Bitcoin community on this. A couple days ago, he tweeted, based on the
1:27.0	witnesses selected in the
1:28.1	published testimony, I won't be tuning into the hearing. There's an important debate to be had on
1:32.2	these issues, but it won't be happening in Congress tomorrow. None of the sizable U.S.-based
1:36.5	mining forms, core science, riot, marathon, Atlas, Stronghold, Galaxy, Foundry were invited to participate.
1:42.2	They would have happily taken part, telling that the committee
	...

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