What was said in the Crypto Hearing in Congress just now: Cleaning Up Cryptocurrency: The Energy Impacts of Blockchains: Questions.

The hearing: https://www.youtube.com/watch?v=HWg731-3id8

TLDR: Bullish and interesting

Question 1 from Diana Degette to Ari Juels

Is there a way to do Proof of work without wasting energy or electronic waste?

He answers that there is no other way but there is always Proof of Stake (he shills it at every occasion)

Question 2 (same speakers)

Do people have incentives to go to the cheapest energy to mine?

Yes but there is always proof of stake (Diana Degette shuts him saying they'll come to that later)

Question 3 Diana Degette to John Belizaire

Why the energy consumption is a feature not a bug?

=> The energy consumption is here to protect the network and lock in the value.

Question 4 Diana Degette to Steve Wright

Sometimes Renewable are not the cheapest right?

Yes

Question 5 Diana Degette to Brian P. Brooks

You mention that proof of work can't shift to proof of stake why?

The proof of work makes a big value compared to other industries per consumption of energy. Proof of Stake poses problems of security because of the holders but proof of work is more resilient and more decentralized

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New Character arrives: David McKinley https://en.wikipedia.org/wiki/David_McKinley

Cries about the hearing being a distraction from real problems. Says that states without renewable are discriminated because of renewable. He is mainly ranting.

He asks: could miners rely on renewable to Greg Zerzan

Answer: Yes as long as it is cheap and as long as the US is a net exporter of energy.

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Back to Frank Pallone who asks: The concern about high power consumption and the future of it to Greg Zerzan

Greg Zerzan speaks about data centers using also a lot of data.

Frank Pallone asks why the 0.5% of energy consumption is credible to Ari Juels

Derived from Hashrate.

Frank Pallone asks Steve wright how can we make sure consumers don't pay more because of miners.

The dude lags hardcore and I can't get a grip of what the fuck he said. Seriously this is a US congress hearing and I have a better connection that this dude. (the congressman didn't understand too and asked for a written answer LMAO)

Cathy McMorris asks of Zerzan how blockchain can empower the consumer?

He explains how it makes people control their data which undercuts Facebook, google and all other Big tech companies.

McMorris explains how the job boom of blockchain is outpacing other industries and asks about the value from these jobs?

Zerzan explains how cryptos are the blood of the blockchain and that these experts are needed to make the cryptos and blockchain work.

Mc Morris asks Steve wright (the laggy boy) what are the negative impacts of crypto mining

He says his community is scared by unregulated currencies and that they are skeptical about these technologies but doesn't answer the question.

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New character: Anne Kuster https://en.wikipedia.org/wiki/Annie_Kuster

She explains how many assets exist and how the industry is growing and helping the world. She questions the sustainability. She explains that some leaders in the POW are trying their best to be green and to make big projects to develop a better power grid.

She asks Brian P. Brooks What are the innovation in the future of the crypto mining?

Brooks explains how crypto is not about tax evasion or money laundering, he explains how bitcoin is the most decentralized crypto and that there is value in decentralization. He explains how companies in this space are starting to fight against the giant in tech.

He says, decentralization is safer, fairer and the future.

She asks John Bellzaire what are the exiled miners from China searching in the US ?

He explains that miners who have suffered from 'the great unplugging' have been searching for a free market with a real ecosystem (insurance companies etc) rule of law and are trying to thrive in the larger US economy.

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NEW DLC CHARACTER: Neal Dunn https://en.wikipedia.org/wiki/Neal_Dunn

Is very pro crypto, says he accepts crypto campaign donations. He wants to 'let the market decide'. He says that they should help crypto to thrive instead of regulating it.

He asks Brooks how halving will help miners who are more efficients and to be more energy efficient?

Brooks explains that these halving are seen as the next big rise in the crypto sector and are pushing progress in a lot of other sectors such as cooling industries.

He asks Brooks how chips technology is benefiting from Bitcoin POW.

Brooks explains how they have pushed specialized chip tech forward and that they made leaps comparable to the tech leaps produced by the Space program.

He asks brooks if miners in other countries are dirtier, isn't the solution to welcome them in the US?

Brooks answers yes.

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NEW DLC CHARACTER: Jan Schakowsky https://en.wikipedia.org/wiki/Jan_Schakowsky

Focuses on the old plants re-opened and how economics can push the miners to fossil fuels. (She seems very old)

Asks about that to Steve Wright:

He answers that as coal is less and less demanded due to regulation, the prices get lowers and some may be interested in these products.

Asks John Bellzaire about cleaner sources and says she is skeptical about crypto and about the fact that they use fossil fuel. (she is anti crypto I think but yay)

John Bellzaire answers that Crypto brings huge capital which help with the transformative of the grid and of the zero carbon footprint. The capital deployed in clean energy is currently virtualy infinite because of subsidies and of crypto capital.

She says that they should hope Bellzaire's vision comes to fruition

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Morgan Griffith asks if Southwest Virginia could profit from the fact that it has cold temperatures to Brooks.

Brooks says yes.

He then asks the same to other people who say all yes.

He voices concern that congress should not regulate the crypto space out of existence and asks Brooks what he thinks about this.

Brooks answers that Bitcoin's value is not about the market cap of Bitcoin but about the transactions and about the fact that Bitcoin is the bedrock of the crypto ecosystem. So Bitcoin should be protected.

He asks Zerzan if China ban on crypto shows an anti freedom stance.

Zerzan says that crypto is freedom and some people don't like freedom.

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New character: Paul Tonko https://en.wikipedia.org/wiki/Paul_Tonko

Says that a lot of miners are interested in the energy in New York. Asks Bellzaire if it is possible to ban crypto miners from fossil fuel?

Bellzaire explains that this could be feasible through carbon tax credits or financial incentives to develop flexible load environement.

And that they could also incentive Green energy producer to team up with miners.

He then Asks Juels if consuming excess energy from renewable has opportunity cost

Juels answers by saying that he needs to repair something that was said: Mining rigs are more efficient over time but it doesn't mean that the energy infused has been reduced. And doesn't answer.

The law maker ask again why he believes that this excess energy is wasted when used on POW?

Juels answers that it is because proof of stake exist and that the concerns about the centralization of POS are very theoretical. For him it is not proven yet that the validators could break it. He says that this energy could go else where gives a very bad answer.

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New character: Scott Peters https://en.wikipedia.org/wiki/Scott_Peters_(politician))

Asks to Brooks is it possible to reduce consumption with better equipment?

Brooks says that yes, in fact the energy efficiency of energy/ hash has improved dramatically and that the industries benefiting from Asic have gained a lot thanks to the funding in R&D funding from miners.

Asks to Juels why he says that it is in fact not reducing consumption or being more efficient.

Juels explains that he doesn't measure energy consumption / hash but per transaction and in that sense Bitcoin is very energy intensive. He also says that the lightening network is not used a lot and in its infancy and remains to be seen how succesful it is. (lol talks about millions of people using it daily...)

Asks to Bellzaire how his vision of flexibility translate in application.

Bellzaire answers that these datacenters decentralized could help with algorithms and other problems not only POW but bringing valuable applications.

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New Character: Kim Schrier https://en.wikipedia.org/wiki/Kim_Schrier

Asks Steve Wright how they managed cost of energy to help consumers while allowing mining.

He answers that they have bought reserves and made contracts with miners (I can't understand him well)

The law maker kim schrier is saying: Do you think that despite the ransomware, the drug and human traffics, are crypto really bringing value to humanity? (what a moron)

Steve Wrights says it depends, and it depends on regulations, he wants a mechanism to be sure crypto is not used in the wrong way (decentralization is not about this).

She then asks him about a dam contract with canada which is totally unrelated.

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New Character: Lori Trahan https://en.wikipedia.org/wiki/Lori_Trahan

Directly asks Brooks if the number of miners is important.

Brooks answers that it is not that important at least less than in proof of stake since POW can't be tricked and the lottery makes collusion impossible but proof of stake allows for collusion and modification of blockchain.

She Asks Juels about proof of stake consolidation and is it a real alternative to POW.

Juels says that the concern is not about POS or POW but about centralization and that POW is not better in that front. Juels says that the real concern is about the rich being richer but that most problems are unrelated to POS or POW. (He is cheerleading for POS)

Asks juels what is the danger of centralization

Juels explains that the problem would be an overtake of the blockchain and a control of the transactions.

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New char: Tom O'Halleran https://en.wikipedia.org/wiki/Tom_O%27Halleran

Asks Wright the difference between datacenters and crypto mining as consumers of energy.

Wright answers that data centers were better prepared to approach the energy industry and that Bitcoin miners were unprepared

The lawmaker asks what growth in jobs is made in these industries

Bellzaire answers that the jobs produced per energy is not known by him BUT that they are creating high value jobs such as data technicians and that the value is high.

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New Character: Darren Soto https://en.wikipedia.org/wiki/Darren_Soto

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Says that Crypto is very mystifying and that Crypto can be a future, a currency, a commodity, and a security. This committee is the first to have passed bills to establish these kind of definitions and also taxation rules. He wants to make sure that Crypto is not used by terrorist and wants way to claw back some of the money.

Says he is concerned with the energy use and how coal plants are re-opened because of Bitcoin. He says that, if crypto is the currency of the future, we can't destroy the planet to make it work.

Asks Juels how Data oracles can make blockchain more efficient?

Juels says that oracles are not making these more efficient it is not their role. He says that Smart Contracts are actually at the core of this. He says that blockchain are not connected to internet and that the oracle is the link between blockchain and offchain systems. 'the eyes and ears of smart contracts'

Asks Brooks what the gov should do to encourage less energy intensive efforts?

Brooks answers that the market is the best answer, it depends on a lot of costs and Bitcoin is an energy derivative which can be used to understand the best role of energy at a current time.

Brooks also says that his companies are talking to wind farms and solar farms, not coal plants. The anecdotal stories of coal plants are not the reality. The vast majority of Bitcoin miners are providing a base load consumption to Green energy producers.

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The thing concludes with Degette saying that they are happy with answers today and want to know how in the future if miners are located in the US how will the energy spending evolve.

She says that the testimonies were of the utmost value today.