A recent White House report has raised some dangers for altcoin projects using mining. The leading meme coin has become one of the most frequently mentioned PoW Blockchains in the report.
The White House has mentioned this altcoin project 20 times
Dogecoin (DOGE), which initially appeared for humorous purposes, is gaining attention among high-level government officials. In the report released by the White House Office of Science and Technology Policy, PoW Blockchains like Bitcoin drew attention. The recent article titled “Crypto-Assets and Climate” interestingly mentions Dogecoin 20 times. Authorities say they are fully aware of Dogecoin and are watching closely.
Meanwhile, the corresponding report was published to reduce the environmental impact of cryptocurrency mining. Dogecoin is among the largest Pow Blockchain by market cap. The report states that mining-based blockchains threaten US climate change plans due to high energy consumption. The report, penned by the White House Office of Science and Technology Policy, urged government agencies to take action against environmental pollution from cryptocurrency mining.
The report also highlights the differences between PoW and PoS mechanisms. Cardano and Solana were prime examples as PoS Blockchains. It has been announced that mining with PoS consumes 500 times less energy than PoW. An example from the article states that in 2021, the US electricity production for mining Bitcoin, Ethereum and Dogecoin produces greenhouse gases at a rate of about 15 Mt of CO2 per year.
Elon Musk introduced Dogecoin to the world
It’s no surprise that Dogecoin is listed in the White House Office of Science and Technology Policy. It has grown in popularity since last year, when Tesla CEO Elon Musk openly expressed his support for Dogecoin. The American billionaire promised Dogecoin payments in his companies, giving investors the reassurance they needed. Senior government officials could not ignore Dogecoin as a result of these actions.
Meanwhile, on May 8, 2021, the price of Dogecoin hit a record high of $0.73. This rally was influenced by crypto influencers such as Elon Musk and Mark Cuban. Although Dogecoin has lost more than 90% of its value, it still has a vibrant online community across various social platforms.
Robinhood CEO Vladimir Tenev says that despite the sharp decline of the meme-based cryptocurrency, DOGE could replace Bitcoin as the dominant cryptocurrency on the internet if the right mechanism is implemented.
As you follow on Kriptokoin.com, DOGE is currently trading at $ 0.063. It has gained around 5% in value compared to the last 24 hours.
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