US Senate to Examine Energy Efficiency of Blockchain

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The U.S. Senate is set to take another look at blockchain technology next week. The Committee on Energy and Natural Resources will host a hearing on “Energy Efficiency of Blockchain and Similar Technologies” on August 21, in an effort to better understand how blockchain technology might impact electricity prices and what benefits it can provide, according to a public announcement released Thursday. “The purpose of the hearing is to consider the energy efficiency of blockchain and similar technologies and the cybersecurity possibilities of such technologies for energy industry applications,” the announcement said. Specifically, it continued, the event will ask the question, “should we expect electricity prices to increase from rising electricity demand in blockchain applications?” The effort also aims to evaluate whether blockchain and similar technologies might soon bring improvements in the online security of energy supply computer systems. The event will be a full committee hearing, meaning, at least