White House: Bitcoin Mining Significantly Strains the Power Grid

Joshua Ramos
Source: CNN

According to a report from Fox Business’ Charles Gasparino, the White House has claimed that Bitcoin mining places significant strain on the power grid. Indeed, Gasparino reported White House concern over BTC mining following its surge in price that occurred early this week.

The perception has been consistent, as it follows the administration crypto mining tax that was proposed in May 2023. Then, the White House stated that its Digital Asset Mining Energy (DAME) excise tax would address the “economic and environmental cost” of crypto mining.

Also Read: White House Proposes 30% Tax on Electricity Used for Bitcoin and Crypto Mining

White House Shares Concern Over Crypto Mining’s Effect on Energy

Throughout the last several days, Bitcoin has faced quite an impressive surge. Indeed, the asset has reached $57,000 today, marking its highest level since 2021. Although that is certainly good news for the digital asset market, it is not so great for those who currently oppose the asset.

Now, the United States government has reportedly begun to express some of those concerns amid the rally. Specifically, Fox Business Charles Gasparino reported that the White House believes that Bitcoin mining puts a “significant strain” on the power grid.

The White House has said that Bitcoin Mining places a "significant strain" on the power grid according to Fox Business
Source: WazirX

Also Read: 59% Americans Believe US Economy Is in Recession: White House Says No

Gasparino reported that “as the price of [BTC] surges and demand outpaces supply, the White House has begun its worry. Additionally, he noted that the concerns are “overblown” according to crypto officials. However, those experts predict the claimed will be used to “try and increased regulation on the industry.”

The expressed concern from the White House over crypto mining is nothing new. The aforementioned DAME tax was introduced under the heading of “making crypto miners pay for costs they impose on others.” Although experts have sought to lessen these concerns, the White House has yet to listen.