US Congress report refers to Blockchain-potentials in the energy sector

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August 14, 2019

The scientific service of the U.S. Congress has taken note of the opportunities and challenges of decentralised technologies for the energy sector under the magnifying glass. According to the Parliament, scientists, the Blockchain could lead, especially in the operation of electricity networks to ground-breaking Changes. At the same time, the researchers shed light on farms, the high power consumption of Mining. To get this in the handle, advises the report to the Congress, the introduction of efficiency standards.

By David Barkhausen
13. Discussed August 2019BTC$11.401,00 -0.43% part Facebook Twitter LinkedIn xing mail

Whether it be the climate-Killer Bitcoin, or the Blockchain as a bringer of salvation smarter, greener networks – is a lot of the opportunities and barriers of decentralized technologies in the energy sector in the past, some of the pilot project is already initiated been.

Particularly in the United States, the development of government-supported green technologies these days surges ahead. At the same time, the power consumption shoots of native miners in the height. The prices follow. Just a matter of time it seems, therefore, to the state, direct such developments into controlled systems and the advantages for use.

a future legislative framework for the use of Blockchain-technologies, is dedicated to the recent report by the Congressional Research Service on the topic of „Bitcoin, the Blockchain and the energy sector“. The scientific services of the U.S. Congress holds together the current Debate for the members. On the other, consider the scientists ‚ answers of the Law to regulate, among other things, the exploding demand for electricity.

compared To the basic use of Distributed Ledger technologies, you’re certain of all this:

Advanced applications of the Blockchain can [in the future] there have been drastic changes for the energy sector.

As a possible starting-points of the technologies they explore the operation of so-called Micro-Grids and related Peer-to-Peer trading of energy, the electricity consumption of individual households from the solar energy to their neighbors covered can be. Instead of vertically organized production of electricity, in the centre of which the electricity works are, could be using the Blockchain to kick-solutions in the future, a decentralized organized power network.

With the neighbors solar electricity act – decentralised power networks to make this possible

pilot projects as an Initiative of the New York Start-ups LO3 Energy this possibility of using the Blockchain for years test. Together with Siemens, the company residents of the city, part of Brooklyn to act her solar power together.

at the same time such decentralised networks may not bring only advantages. According to the report, they would increase the competition between producers and the supply more efficient and more transparent. The same time, smart grids and the associated storage of sensitive data in distributed databases could attacks cyber to open the door, note the scientists.

on the Part of the Congress, it is even more important now to clarify the regulatory powers of the state energy authority FERC regarding the Blockchain-use. Currently there is, with a view to data protection, the Linkability of technologies, as well as the structure of the market, no state and the legal Standards for their use. This vacuum should be filled.

The everlasting discussion: climate-Killer Bitcoin?

As a major stumbling block to the Blockchain, the conference report takes the U.S.-deputies in addition, the extent of current Mining activities in the United States and around the world – before the eyes. The Parliament is called the service estimates, according to which the Mining of Bitcoins and the operation of Blockchain technology is currently up to one percent of the American electricity production may devour.

according to studies, are expected to have in the entire United States currently, around 16 per cent of all global Mining farms your farm located. Here, the miners in the high North to the canadian border. It is believed competing assessments, to be alone in the state of Washington for up to 30 percent of the world’s Mining farms home.

In the face of these Numbers, the scientists suggest in the future, impending problems and bottlenecks in the area of the power supply. For individual municipalities, such as the astronomical consumption could lead to the Overload of the existing networks. On the other hand, the high demand could cause electricity prices to skyrocket.

As an example, the report cites the case of Plattsburgh. In the small city in the U.S. state of New York-Mining companies are to have the annual electricity bill of private households as last an average of 300 US Dollar increased. The municipality replied most recently with a Settlement freeze for Mining companies.

Mining companies rely on green electricity

But also from a global perspective, the high power consumption is not relevant. So Bitcoin & co. could be this is actually the climate-Killer.

with Bitcoin-use related energy consumption could possibly generate enough CO2-emissions, the global average temperatures over the next 30 years to two degrees Celsius rise,

the researchers cite a study from the past year. In the long term, it could be in the sustainability concerns, however, to a „temporary Problem“.

to meet finally, appropriate criticism, to put Mining companies in the world currently, more and more on cheap, green electricity from water, Solar or wind power. That is why it attracts these days, more and more international miners in Northern latitudes. Here is the firm wave, moreover, in addition to a climate that facilitates the cooling of the plants, in some cases even tax benefits, as well as politically-stable environment.

late last week, the Bitcoin companies to block the stream, announced in the canadian state of Quebec, one of the largest mining centers of the Region. In addition to institutional investors, such as banks and large companies should be able to rent space in the future private people.

These sustainability trends in Spite of, there remain environmental concerns with a view to the other side of the Pacific, and the Mining-world market leader China. So the Chinese government is also on the Flag, their emissions to reduce them. A majority of the electricity in China comes from coal.

report advises the Congress of deputies to efficiency standards

With a view to future law answers, advises the report, the Congressman finally, above all, energy standards for Mining Hardware to introduce. The Equipment is expected to consume only a certain amount of power. The Department of energy will comply with the proposal, however, is to consider, at least in the near future as unlikely to. Because currently, there are no such guidelines for computer products. For cooling systems, in turn, such Standards already.

in the Future could, however, save a state-initiated commitment to electricity as well as energy standards private data centres of a different make. For state institutions, such regulations are already in force. General guidelines, in turn, could make an important contribution to the energy consumption of Bitcoin and block chains contain.

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