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Bitcoin, Blockchain, and the Energy Sector blockchain for over a year.104 Respondents identified opportunities and challenges to investment in blockchain technology with 77% of respondents identifying concerns that the energy industry “lacks appropriate standards.”105 Options for Congress to Address Cryptocurrency’s Energy Consumption In addition to state and local policy efforts that seek to mitigate the regional effects of growth in cryptocurrency mining, there are options that could be adopted by the federal government to improve the energy efficiency of mining operations. Further, as the financial and energy sectors, among others, explore adopting blockchain, Congress may consider options to curb the energy intensity of the technology. Minimum Energy Conservation Standards An approach to reducing the energy consumption of cryptocurrencies could include the establishment of minimum energy conservation standards for the equipment engaged in mining activities or the cooling equipment that maintains efficient mining operations. The Department of Energy (DOE) administers national energy efficiency standards for appliances and other equipment. DOE maintains federal energy efficiency standards as authorized under the Energy Policy and Conservation Act (P.L. 94-163, 42 U.S.C. §§6201-6422) as amended. DOE’s Appliance and Equipment Standards program sets minimum energy efficiency standards for approximately 60 commercial product categories. There are no national standards for computer products. In 2012, DOE issued a request for information regarding miscellaneous residential and commercial electrical equipment, and in 2014 issued a proposed determination of coverage for computers and battery backup systems.106 Some view voluntary and market-driven approaches as more appropriate for computer technology than minimum energy conservation standards.107 Others state the importance of public and private sector collaboration in developing energy efficiency standards that are “ambitious and achievable.”108 Congress may consider whether minimum national energy efficiency standards that address cryptocurrency mining should be established. Such standards could focus on the 104 Survey received 16 respondents, including 15 utilities and one regional transmission operator. Electric Power Research Institute, prepared by Indigo Advisory Group, “Blockchain in Utilities,” 2019 Electric Utility Insights, July 2019. 105 Electric Power Research Institute, prepared by Indigo Advisory Group, “Blockchain in Utilities,” 2019 Electric Utility Insights, July 2019. 106 DOE, “Request for Information (RFI) Regarding Miscellaneous Residential and Commercial Electrical Equipment,” 77 Federal Register 3461-3468, January 24, 2012; DOE, “Energy Conservation Program: Proposed Determination of Computer and Battery Backup Systems as a Covered Consumer Product,” 79 Federal Register 11345-11350, February 28, 2014. 107 According to a press release from 2014, “voluntary and market-driven approaches are the only methods that can keep pace with technology, protect innovation and competition, and still achieve efficiency goals. If older data is used to analyze potential energy policy decisions, such as voluntary or mandatory regulatory programs, it can lead to less effective policy decisions that may not achieve the end goals.” Consumer Electronics Association, “In-home Consumer Electronics Multiply but Electricity Usage per Home Falls, Finds New CEA Study,” press release, June 23, 2014, https://www.cta.tech/News/Press-Releases/2014/June/In-home-Consumer-Electronics-Multiply-but-Electric.aspx. 108 TechNet, “Tech Lauds Effort Leading to California’s Historic Computer Energy Efficiency Regulation,” press release, December 14, 2016. Congressional Research Service 19PDF Image | Bitcoin, Blockchain, and the Energy Sector 2019
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