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The US Energy Sector Is About to Start Using Blockchain

13 August 2019, 08:26
Votes: 1

According to the report published by Congressional Research Service, blockchain can become one of the main tools to reform the national energy sector and improve its efficiency. 

The US Energy Sector Is About to Start Using Blockchain

The research held by American authorities has shown that the mining companies’ energy use amounts to 1% of the county’s total power consumption, and this rate is increasing year by year. However, due to the blockchain advantages such as higher efficiency, transparency, and reliability of the technology, it will develop the energy sector and improve competitiveness between energy producers.

In that regard, the Department of Energy provided funds ($4.8 million) for a study to be conducted by American universities in order to understand how blockchain will influence the industry in case of its implementation there.

However, as the United States are combating the problem of global warming, certain steps must be taken to regulate energy consumption throughout the country and prevent producing an excessive amount of CO2. That is why mining farms must be located not far from renewable energy stations. Another condition is that the Congress will have to adopt unified legislation for cryptocurrency producers. It will contain requirements on energy consumption of the equipment, specific energy tariff for mining companies, as well as regulation of the technology use in the energy sector.

Therefore, in case the study results are positive for blockchain technology, it will get the green light from the authorities.

As mentioned earlier, the ETH price has been growing despite the unstable situation on the cryptocurrency market.

Read more: Bitcoin Price Prospects for 2019

Read more: Cryptocurrency: Where to Start?

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