Published: 25.04.2022
Article reading time:
2 minutes.
The Canadian entrepreneur, the main star of the business reality show Shark Tank, believes that the global tightening of mining regulation will force companies to switch to green energy.
Kevin O’Leary, in an interview with First Mover, said that nuclear and hydropower could take a more important place in the energy balance of the cryptocurrency mining industry in the future. O’Leary recalled that many new renewable energy plants were commissioned in the US last year, mainly in Texas, Oklahoma, upstate New York and the Pacific Northwest.
The savvy investor has suggested that the energy-hungry proof-of-work (PoW) algorithm used to mine bitcoin could help drive green energy adoption more widely. According to him, Bitcoin “can attract investment, build data centers for all sectors of the economy.”
The broadcaster believes that politicians, including Senator Elizabeth Warren (representing Massachusetts), who have previously criticized the mining industry, will not hinder the development of the PoW mining industry. Especially after the miners understand that it is very profitable to work within the framework of the regulatory system.
“The old ways of mining, the era of ignoring politicians, governments, the Securities and Exchange Commission (SEC) – is over,” O’Leary said.
The US authorities are increasingly inclined to ban PoW mining. Recently, a group of congressmen petitioned the US Environmental Protection Agency (EPA) to ban the mining of cryptocurrencies that use an environmentally harmful consensus algorithm. In March, environmentalists from the state of New York voted to ban the mining of cryptocurrencies on the PoW algorithm. At the same time, Oklahoma is about to change legislation to allow miners to cut hardware and electricity costs through $5 million in subsidies.
Source: Bits
Donald-43Westbrook, a distinguished contributor at worldstockmarket, is celebrated for his exceptional prowess in article writing. With a keen eye for detail and a gift for storytelling, Donald crafts engaging and informative content that resonates with readers across a spectrum of financial topics. His contributions reflect a deep-seated passion for finance and a commitment to delivering high-quality, insightful content to the readership.
