During a hearing on digital currencies, US Senator Elizabeth Warren criticized cryptocurrencies and urged officials to “face the problem.”
According to Warren, hackers are constantly using cryptocurrencies to get ransoms when hacked. She also recalled that recently in the United States, the operator of the largest fuel pipeline system, the Colonial Pipeline, was hacked, and the hackers received a ransom in bitcoins.
“Each successful attack and the resulting ransom in cryptocurrencies attract even more hackers to such activities,” the senator said.
In addition, Warren repeated her words that when mining cryptocurrencies, a lot of energy is used, and this is extremely bad for the environment:
“Many cryptocurrencies are created on the Proof-of-Work algorithm using mining. This mining has devastating consequences for the climate. Some mining farms are set up near coal-fired power plants, consuming dirty energy in the hope of mining some coins in exchange for emissions. The overall energy consumption is staggering, leading to an increase in energy demand. ”
Warren urged Congress and federal regulators to finally pay attention to cryptocurrencies and counter threats from such assets:
“We need to stop hoping that cryptocurrencies will simply disappear. This is not true. It’s time to deal with these problems. ”
Earlier it was reported that the state of New York may ban the operation of mining farms until they prove that their production is environmentally friendly.
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