The Fight Over Regulating Crypto's Energy Use: Crypto Irl

Crypto’s energy consumption remains one of the most fiercely debated topics in the sector.

The government needs “to play catch up” when it comes to regulating crypto mining, said Liz Moran. (REUTERS)

Crypto's energy consumption remains one of the most fiercely debated topics in the sector, with environmental activists arguing electricity usage should be curtailed, and miners saying that Bitcoin's benefits outweigh its costs.

“There are energy standards for light fixtures. There are energy standards for appliances,” Liz Moran, of advocacy group Earthjustice, said in the fourth episode of “Crypto IRL”. “So that's the type of thing we need to look at for the cryptocurrency mining universe as well.” The government needs “to play catch up” when it comes to regulating crypto mining, Moran added.

But miners operating in states like Texas counter that regulation won't save energy in the long term, and crypto's overall benefits justify its environmental impact.

Recent economic shocks have made the use case for Bitcoin more important than ever, Jason Les, CEO of Riot Blockchain, said on the show. Giving people “sovereign control over their money,” Les argued, “is a very important and noble use of energy.”

Watch Crypto IRL on Thursdays at 8:30 p.m. New York time on Bloomberg Quicktake, and Fridays at 8:30 p.m. on Bloomberg TV. And it's always streaming at www.bloomberg.com/qt.