The US government is mapping Bitcoin mining electricity consumption

Everyone knows that Bitcoin mining consumes electricity. However, exactly how much energy consumed is subject to speculation. For the current Biden administration in the US, they care to know more. Beginning this week, the U.S. Energy Information Administration (EIA) a statistical body within the government has been tasked with collecting and analyzing information regarding how much energy is consumed by Bitcoin mining operations. Below is a statement announcing the commission:

“We intend to continue to analyze and write about the energy implications of cryptocurrency mining activities in the United States,” said EIA Administrator Joe DeCarolis. “We will specifically focus on how the energy demand for cryptocurrency mining is evolving, identify geographic areas of high growth, and quantify the sources of electricity used to meet cryptocurrency mining demand.” source

The above survey will seek to collect and analyze data from Bitcoin mining establishments within the United states. The individuals running various mining companies will have to submit a monthly report of how their operations impact energy consumption. In addition, the agency will reach out to the general public in an attempt to consolidate the report and data collected from miners in the region.

The aim of this study is to protect the energy exploitation of Bitcoin mining operations within that country. The study will try to find out the type of consensus mechanism supported by these companies - whether PoW, PoS or other ones. Projects that are consuming massive amounts of energy per month would be subject to correctional action from the US government such as through fines and litigation.

With the massive rise in the price of Bitcoin in the last few months, EIA is of the opinion that without proper oversight, Bitcoin mining operations might increase their electricity consumption drastically within a short period of time. Hence, the monthly reporting of power consumption by Bitcoin miners will ensure the government keeps one eye on the activities of Bitcoin mining in relation to its electricity demands in the country,

Polygon Labs sack 60 Staff

60 employees were relieved of their duties by Polygon labs this week. The employees received their matching orders implemented with immediate effect. The MATIC blockchain team aiims to improve many areas of their operation and reduce the several bottlenecks experienced by users of the blockchain network. Below is a direct statement by the CEO announcing the sack:

We’ve made the difficult, but necessary, decision to say goodbye to 60 teammates, roughly 19% of the team. When I started the role of CEO, I pledged to make you all the happiest employees in the world. While that goal will never cease to be my North Star, it pains me that I failed to make that happen for many of our teammates. source

As they receive their matching orders, the team explained that they are not downsizing because of any economic pressures. Instead, they are trying to build a more dynamic team capable of collaborating in the most effective way to achieve the goals of the organization.

The staff affected by this decision would no doubt feel bad for being at the receiving end of this sad story. However, the team acknowledges their hardwork over the years and hopes they understand and accept reasons for the layoff. In order to make them feel more at home although difficult, those affected by the sack will receive some form of compensation for the next two months and that includes a health benefit package.

For those that Polygon Labs will retain, there is good news for them. In order to motivate the team to more aggressively pursue the goals of the organization, they will receive a 15% payrise effective January 2024. This will enable the team cope with rising cost of living and the global economic pressures that affect everyone. Going forward, Polygon Labs hopes to have a vibrant, responsive team of workers that are able to work more efficiently and contribute to organizational goals of the project.

Goingforward, Polygon Labs annouced some of the team goals they would be working on in order to improve on areas already identified. Below is one of their stated goals:

The creation of interconnected zero knowledge based networks and contracts that enable unified network effects has started coming to fruition with Polygon CDK being widely adopted and our introduction of Aggregated Blockchains and the AggLayer last week source

The staff that got laid off would seek to recuild their lives and career elsewhere. Meanwhile, those that remain will be working hard to achieve the above and other objectives of the company in order to make their services and operations better than it was before this decision to cut down staff.

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