Report claims that US bitcoin is as dirty as 6 million vehicles in terms of cost.

The report’s sponsoring environmental organisations advised US states to take this into consideration if they want to keep the targets for combating climate change within reach.

According to a research released on Friday by environmental organisations, the US bitcoin industry’s annual carbon emissions are now comparable to those of 6 million cars.In order to protect the environment, the organisations encouraged US governments to take into account outlawing new mining activities.

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We’re at a turning moment, he declared. “We’re attempting to decarbonize quickly… Some of that advancement could potentially be undone by bitcoin mining.According to a calculator from the Environmental Protection Agency, the industry’s carbon footprint from mid-2021 through 2022 was 27.4 million tonnes, which is close to the annual emissions of 6 million cars and three times that of the largest US coal plant.A network of power-hungry computers is used in bitcoin mining to compete for new currency while also verifying previous transactions. According to a recent White House study, only 3.5% of the world’s bitcoin mining took place in the United States in 2020; today, that percentage is close to 38%.

The organisations encouraged US states to take into account prohibiting fresh mining ventures. A law to halt any new fossil fuel-powered activities in the state was passed this year by the New York Assembly.

According to the White House research, the cryptocurrency sector utilises between 0.09 percent and 1.7% of all US electricity, which is far less than other heavy industries, according to bitcoin industry associations.More than half of the power utilised by its miners comes from renewable sources, according to data published by the Bitcoin Mining Council, which represents several significant participants in the industry.An inquiry for comments received no response from the council.According to Elliot David of Sustainable Bitcoin Protocol, a business that collaborates with miners to encourage the use of sustainable energy, “Bitcoin is a technology with a lot of positive and bad climate potential.”

It depends on your point of view; if you compare it to other industries, like cement, for instance, it’s relatively clean, he said, according to the Thomson Reuters Foundation.However, in order to address the climate catastrophe, every industry must participate.

Inca Digital will assist the Pentagon in comprehending cryptocurrency exchanges.

In accordance with a one-year agreement with the Defense Advanced Research Projects Agency, Inca Digital, a technology platform and data science company, declared Wednesday that it would conduct research on the implications of digital resources for international defence (DARPA). The research and development branch of the US Department of Defense is called DARPA.Then, Inca Digital would work with another company on a project called Mapping the Impact of Digital Financial Assets, which intends to create software for mapping the virtual currency ecosystem and providing data to US business and government organisations.

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The proposal will help in understanding the relationships between digital and traditional financial institutions, money that flows from and to public blockchains, or other employments of digital currencies in areas of concern to the US government, in addition to looking into potential financial crimes and mitigating the need for punitive measures.Adam Zarazinsky, the leader of Inca Digital, said in the official release that the Department of Defense and many other government agencies want better tools to understand how digital tokens operate and how they can affect their jurisdiction over global technology platform markets.

The Washington Post was informed by Mark Flood, project director at DARPA, that the organisation doesn’t carry out spying. He wants to emphasise that the scientists are being careful not to use any personally identifiable information in this study.

For a few years, DARPA has been studying distributed ledger technology because of the possible implications and as a useful tool. In order to assess the distribution of distributed ledgers and identify their security issues, it worked with Trail of Bits in June.In addition to command and information verification, distributed ledger technology will be essential in defending essential military equipment. This is true, according to Victoria Adams, who oversees the administration exercise for ConsenSys in Washington. In contrast, AI, she continued, will completely change everything.

For the project, Inca was awarded a Phase II Small Business Innovation Research grant. The US Commodity Futures Trading Commission’s corporate monitoring programme Nakamoto Terminal, which was used to construct the corporation, was responsible. This was created in 2009 by former Interpol authorities.To help the CFTC automate the process of identifying and adding unregistered foreign interests to its Registration Deficient List, Project Streetlamp challenged entrepreneurs to develop an artificial cognitive ability remedy. In order to help consumers make informed decisions about whether to invest their money with such businesses, the RED List was created in 2015.

After an increase in interest rates, the cryptocurrency market plummets to yearly lows.

Following the US Federal Reserve’s decision to hike interest rates to their highest level in nearly 15 years on Thursday, the price of bitcoin and the larger cryptocurrency market fell very close to yearlong lows.Although the Bank of England is also set to raise rates on Thursday, the interest rate increase was widely anticipated, indicating that the decline in the cryptocurrency market was not as severe as some analysts had predicted.According to some forecasts by Federal Reserve experts, the rate increases may continue into next year as a response to rising inflation levels. Due to the fact that individuals and businesses tend to borrow less, invest less, and save more, this would probably have a negative effect on the price of cryptocurrencies as well as the stock market.

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According to Marcus Sotiriou, an analyst at the digital asset broker GlobalBlock, “rising rates is bad for crypto since it means that it becomes more expensive to borrow because loan payments are greater and thus it entices people to save more.””In addition to the Federal Reserve’s decision, there are two other important announcements on Thursday: the US Conference Board Leading Index and the Bank of Japan’s and Bank of England’s interest rate decisions. We may consequently expect a very erratic week as markets become more aware of central banks’ decisions.

Over the past week, the total value of the cryptocurrency market has decreased by around $100 billion, dropping below $900 billion for the first time since July.After Ethereum, the second-most valuable cryptocurrency in the world behind bitcoin, finished its long-awaited Merge, which reduced its energy consumption by more than 98%, there was a small uptick last week.

But with Ethereum’s token ether (ETH) down roughly 20% over the past week, any dreams for long-term gains were dashed.Even while some analysts are optimistic that the trajectory will be more positive in the long run, further interest rate increases will probably cause further turbulence in the crypto market in the short term.The Nasdaq, the second-largest American stock exchange by market cap, is launching a digital assets business that is targeted at institutional investors, according to Mr. Sotiriou. “Despite the unstable market conditions, traditional finance institutions continue to enter the space,” he said.

Under the new leader, cryptocurrency remains a priority for the UK, igniting industry excitement.

Despite a recent change in leadership, the U.K. declared it still intends to establish itself as a crypto hub, and industry supporters are delighted.

The U.K. government is determined to move forward with former Finance Minister Rishi Sunak’s plans to make the nation a global centre for cryptocurrencies, according to Richard Fuller, the nation’s new economic secretary to the Treasury, who spoke at the country’s first-ever crypto debate in Westminster last week.

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After Sunak resigned from his job in July, and perhaps even more so when he lost to Liz Truss in the race for prime minister, the local blockchain community’s hopes for innovative rules that could advance the U.K.’s stalled crypto business, were dashed.

But according to Baroness Manzila Uddin, co-chairwoman of a bipartisan parliamentary group focused on the metaverse and Web3, Fuller’s remarks were a “wonderful signal of development” to the crypto community.

Ian Taylor, executive director of London-based lobbying organisation CryptoUK, told CoinDesk that the resignation of the ostensibly pro-crypto Sunak in July could simply mean that Sunak and Glen will return “in a different guise.”Taylor remarked at the time that “all of the community’s hard work in the last two years educating Rishi Sunak and John Glen has now gone away.”

US Treasury Requests Your Feedback to Help It Shape Regulation of Cryptocurrencies.

The US Treasury Department has issued a call for comments on the executive order titled “Ensuring Responsible Development of Digital Assets” that will take effect on March 9, 2022. The Department is looking for information about the dangers that digital assets pose.

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US Treasury requests feedback on cryptocurrency rules.

The US Treasury Department stated in the notice that digital assets have aided financial operations tied to cybercrime. The prevalence of financial transactions involving digital assets raises the possibility of crimes like terrorism, money laundering, fraud, theft, and corruption.

The substantial danger of illegal activity with digital assets has forced the industry to be closely regulated. The Treasury Department announced that it has provided the White House with an action plan to support oversight of digital assets.The US Treasury stated in the report that it will keep an eye on any new dangers in the industry and support additional measures that would reduce the risks brought on by the sector’s explosive growth. Additionally, the Treasury is looking for public feedback to better understand how people feel about the cryptocurrency market and what steps should be made by the Treasury Department and the US government to reduce risks.

Understanding how working with the public and private sectors will strengthen the efforts and address the rising risks is one of the contributions that the Treasury wants. The US Treasury also offered a list of pertinent questions to back up the assessment in the document.Anyone who wants to participate in the process must cite the public information that is relevant to the responses. If the requested data is not publicly available, a description of the requested data must be provided.

Despite an increase in investors and bitcoin social trading platforms in the nation, the US Federal government has previously presented a number of papers in an effort to resolve the murky state of cryptocurrency rules. These reports are related to the White House-signed executive order from March 2022.The White House Office of Science and Technology Policy, the Justice Department, and the Commerce Department, in addition to the US Treasury, have all signed reports. The studies cover a range of topics related to the US crypto market.

Wanted Do Kwon, a Terra cryptocurrency creator, disputes reports that he is fleeing from investigators.

Do Kwon, a sought cryptocurrency creator who is under suspicion of fraud after his coins Luna and TerraUSD lost $45 billion (€45 billion) in value, is apparently attempting to elude South Korean law enforcement.

Kwon relocated from South Korea to Singapore, where he co-founded the now-defunct stablecoin issuer Terraform Labs. Though he is not currently present in the city-state, the Singapore Police Force reported on Saturday.In a text message sent to Bloomberg on Monday, South Korean authorities stated that there has been “circumstantial evidence of escape” ever since he left Singapore. In response to questions regarding whether the office is aware of Kwon’s location or whether it plans to inform Interpol, the media source reported that prosecutors declined to comment.

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Kwon was accused of breaking the Capital Markets Act last week, and an arrest warrant was issued for him as well as five other people who were allegedly involved in the case and were thought to be in Singapore.In a tweet on Saturday, Kwon defended himself, claiming that he was not hiding and that he was “defending ourselves in multiple jurisdictions.” He added that he had held himself to a “extremely high bar of integrity” and that he was “looking forward to clarifying the truth over the next few months.”

After imploding in May, Terra’s UST and sibling LUNA tokens lost over $45 billion (€45 billion) in value in less than 72 hours, hurting other cryptocurrencies as well as leading to the bankruptcy of three crypto firms.Three Arrows Capital was the most recent organisation to fail, leaving billions in debt to creditors.In an August interview with the NFTV series Coinage, Kwon stated, “I, and I alone, am accountable for any weaknesses that could have been shown for a short seller to start to take profit.” He reaffirmed his commitment to Terra and added that he was working with the police.

Late in May, Terra re-released the token Luna without the component that was responsible for Terra’s precipitous decline—its stablecoin UST.But the arrest warrant’s disclosure stunned the cryptocurrency market, sending the Luna token down more than 16% on Wednesday (September 14).In the extremely turbulent cryptocurrency market, stablecoins assert to be a reasonably safe sanctuary. They typically retain a 1-to-1 peg with the US dollar because they are designed to be pegged to a fiat currency.The Terraform Labs-developed algorithmic stablecoin UST, on the other hand, employed a sophisticated combination of code and Luna to stabilise the process rather than holding cash and other assets in a reserve to back its token.

Could cryptocurrency mining increase your electricity costs? Yes, claims Idaho Power. Things to know

Idaho Statesman: BOISE Miners are swarming to Idaho because of the state’s inexpensive power. According to state officials, the increased energy consumption is taxing the entire electrical grid.

According to Jordan Rodriguez, a representative for Idaho Power, the company actually requested that the Idaho Public Utilities Commission create a new customer class just for large-scale cryptocurrency miners.According to a PUC representative, the new categorization was authorised in June; nevertheless, GeoBitmine, a Puerto Rican cryptocurrency mining company, requested reconsideration. On that petition, the PUC is currently accepting comments.

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Rodriguez added over the phone that “these clients have the potential for considerable energy demand, which could necessitate Idaho Power to create new infrastructure.”The development of a crypto-mining operation at an abandoned J. R. Simplot Co. potato processing plant in Aberdeen that would use waste heat to power year-round greenhouse farming would be stopped, according to GeoBitmine, because the new customer class is discriminatory. The operation was going to be used for seed research by the University of Idaho Research and Extension Center.

According to the petition, both crypto mining and indoor farming would require a steady power load of 6 megawatts. However, GeoBitmine contends that the new classification’s pricing and terms of service “make it impossible to proceed” with the joint venture because of future power outages.For indoor food production, potato storage, and seed research facilities, the loss of energy during the hottest hours of the day in the hottest months of the year would be catastrophic, the business claimed.

Classification is deemed discriminatory by a cryptocurrency mining company.

Additionally, it claimed that because of the classification, ratepayers would be subject to rules that do not apply to any other customer class in Idaho Power’s network.According to GeoBitmine’s petition, “it is black-letter utility law that the commission may not authorise, and utilities may not impose, rates that treat consumers preferentially or to disfavour some customers in favour of other, similarly situated customers.”

According to Rodriguez, rising demand brought on by crypto-mining operations may need the construction of new substations, lines, transmission facilities, and power plants. All customers pay the costs of these assets over time through rates.New infrastructure could result in higher electricity costs for all consumers. The remaining expenses would be left behind if the crypto miners packed up and departed the state, and Idaho Power’s other customers would be responsible for paying them.

And given the turbulence in the cryptocurrency market, it’s not certain how long these miners will endure.In order to fulfil demand, Rodriguez said, “What we don’t want is to have a lot of speculative load come up in a short period of time that could need us to go out and create new resources or purchase a lot of energy.”Operations drawing less than 20 MW would fall under the new classification for industrial cryptocurrency miners. Rodriguez claims that 20 MW can supply electricity to 15,000 houses. Anything larger goes under a pre-existing classification that is regulated by a commission.

DoJ creates a new DAC following Biden’s EO on the rise of cryptocurrency.

In response to President Biden’s executive order (EO) on the development of digital resources from last March, the US Department of Justice (DOJ) released its most current report. Additionally, it disclosed the development of a fresh Digital Asset Coordinator Network (DAC) to support the agency’s initiatives to address the growing threats American citizens face from the unauthorised use of crypto assets.The organization’s follow-up report on.

international crime justice cooperation, titled “The Role of Law Enforcement in Detecting, Investigating, and Prosecuting Criminal Activity Associated with Digital Assets,” was released in July.

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The published paper describes how virtual assets are used in crime, concentrating on NFTs and distributed financial services, and then analyses the efforts made by several federal departments and agencies to combat digital asset offences. It offers a number of improvements to law enforcement procedures.

Priority goals in the document include extending the statute of limitations for some offences and expanding the definition of financial institution within the context of government regulation to include unregistered money transmission enterprises.

Additionally, the memo suggests alterations to evidence requirements, tougher penalties, and other laws, including the Bank Secrecy Act. This also implies that the necessary tools should be available for its efforts, such as job incentives and adjustments to hiring practises.

The DAC has already been introduced by the National Cryptocurrency Enforcement Team, a group that was established last February after being made public last year. The network convened for the first time on September 8th.The new team will operate within the guidelines set down in the DOJ’s Cryptocurrency Enforcement Framework, which was published almost a year ago. In an effort to combat cryptographic protocol misconduct, examine its circumstances, and support US Attorneys’ Offices around the country, NCET will encourage coordination among all applicable national, nation, and regional law police entities. Along with creating investigative tactics, the group is charged with educating law enforcement officials about cryptocurrency-related issues.

Despite the conflict and sanctions, US and EU crypto miners continue to operate in Russia.

The United States and the European Union increased sanctions after Russia began the war in Ukraine in February. Western businesses abandoned their operations in Russia, along with their inventory and workforce.

You’d expect that the Russian cryptocurrency mining industry, which has long been favoured by inexpensive Siberian electricity, would feel the heat as well. U.S. sanctions were imposed on BitRiver, one of the biggest mining businesses in Russia, in April.

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This had an immediate impact on BitRiver’s operations: Compass, a U.S. mining company, reportedly tried to sell the hardware it had installed in BitRiver’s Siberian plant and stopped doing business with the company. The machinery became bogged down in discussions between the former partners. Then, as CoinDesk reported, the Japanese bank SBI said that it was no longer in Russia, i.e., BitRiver’s farm.

However, no other Russian mining companies have received sanctions to date, and clients from the EU and the U.S. aren’t running away in a panic, according to many in the sector; on the contrary, previous clients have stayed and some new ones have arrived.”Nothing was altered. People don’t worry about these restrictions in the crypto world. Everyone who has been employed here continues to do so, according to Artem Eremin, CEO of mining hardware distributor Chilkoot.

The explanation: Despite other formerly favoured jurisdictions making life more difficult for miners, Russia is still a desirable location for mining due to inexpensive electricity. Last year, China made mining illegal. Early in 2021, Kazakhstan cut off all power to mines for a period of time, and this year, a new tax boosted energy prices for miners.

Few Responses to Biden’s Executive Order in Crypto Reports from US Treasury.

A number of US government publications that were expected to provide light on the Biden administration’s and regulators’ intentions regarding digital assets have been keenly anticipated by the cryptocurrency industry. The majority of the records are now public, but the situation is still unclear.

The Treasury Department’s studies, three of which were released on Friday, essentially urge the agency to keep monitoring cryptocurrency threats, carry out enforcement actions, and advance efforts to create a digital dollar (without recommending the U.S. should have one).

The findings unequivocally outline the risks and challenges posed by digital assets utilised in financial services “Reporters were briefed by Treasury Secretary Janet Yellen. “Digital assets and other developing technologies may present enormous opportunities if these risks are reduced.

The reports are in response to President Joe Biden’s executive order on digital assets, signed in March, which instructed federal agencies to examine various aspects and concerns surrounding the cryptocurrency ecosystem and provide recommendations for how the U.S. can both be a leader in the global digital asset sector and address any risks posed to monetary stability or consumer protection. 21 reports in total will be released by the agencies.

Over the past few months, reports from the Treasury Department, the Justice Department, and the White House Office of Science and Technology Policy have all been released. On Friday, the Treasury released three further studies, and the White House released its “first-ever framework for responsible development of digital assets.”

National Security Advisor Jake Sullivan and Director of the National Economic Council Brian Deese stated in a statement that the various studies express concerns about consumer protections and illegal activity and offer solutions for the government to address these problems.

Together, we are establishing the foundation for a smart, all-encompassing strategy to reduce the serious risks associated with digital assets and, when possible, to take use of their advantages. The statement claimed that the company “remains dedicated to working with allies, partners, and the larger digital asset community to determine the future of this ecosystem.”