Expressing the sense of the House of Representatives regarding the importance of Proof-of-Work mining, used for certain cryptocurrencies such as Bitcoin, to the United States ability to achieve its energy goals and grow its economy.

Subjects: Finance and Financial Sector


<html><body><pre>[Congressional Bills 118th Congress]
[From the U.S. Government Publishing Office]
[H. Res. 238 Introduced in House (IH)]

&lt;DOC&gt;






118th CONGRESS
  1st Session
H. RES. 238

  Expressing the sense of the House of Representatives regarding the 
 importance of Proof-of-Work mining, used for certain cryptocurrencies 
  such as Bitcoin, to the United States ability to achieve its energy 
                      goals and grow its economy.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                             March 21, 2023

Mr. Sessions submitted the following resolution; which was referred to 
the Committee on Energy and Commerce, and in addition to the Committees 
    on Foreign Affairs, Financial Services, and Science, Space, and 
Technology, for a period to be subsequently determined by the Speaker, 
 in each case for consideration of such provisions as fall within the 
                jurisdiction of the committee concerned

_______________________________________________________________________

                               RESOLUTION


 
  Expressing the sense of the House of Representatives regarding the 
 importance of Proof-of-Work mining, used for certain cryptocurrencies 
  such as Bitcoin, to the United States ability to achieve its energy 
                      goals and grow its economy.

Whereas Proof-of-Work (PoW) mining requires the use of high-powered computing to 
        guess at a random, encrypted number to win the right to make the next 
        block in a blockchain and thereby earn Bitcoin;
Whereas this process sets the rules for miners and verifies the legitimacy of 
        every transaction using the Blockchain;
Whereas PoW mining is an essential process that allows for a blockchain network 
        to remain trusted, open, and decentralized;
Whereas it ensures that any individual can participate equally in the process if 
        they are willing to allocate the resources;
Whereas PoW mining does require energy consumption for this validation process, 
        many of the concerns are unwarranted, because PoW mining's energy usage 
        is transparent and verifiable;
Whereas PoW mining uses .14 percent of the global energy supply, which is less 
        than the amount of electricity lost in transmission and distribution 
        each year;
Whereas PoW mining seeks out low-cost energy and can utilize excess supply 
        during off-peak periods, which improves the overall economic viability 
        of renewable energy projects;
Whereas PoW mining also contributes to grid stability through demand response, 
        whereby miners can quickly curtail load to maintain equilibrium between 
        supply and demand on the electrical grid;
Whereas PoW mining economics are notably responsive to electricity prices, and 
        miners can curtail operations when electricity supply is low or prices 
        are high, providing more energy to households and the grid during times 
        of heavy demand;
Whereas, during the summer of 2022, the State of Texas experienced a record 
        heatwave straining the electrical grid;
Whereas in response to a conservation alert from the Electric Reliability 
        Council of Texas (ERCOT), the State electrical grid manager, Bitcoin 
        miners collectively reduced usage by over 1,000 MW;
Whereas, during the winter of 2022, the State of Texas experienced record cold 
        temperatures straining the electrical grid;
Whereas in response to a conservation alert from ERCOT, the State electrical 
        grid manager, Bitcoin miners collectively reduced usage by up to 1,475 
        MW which is enough power to heat 1,470,000 small homes;
Whereas no other industry that uses similar levels of energy, including data 
        centers, cloud service providers, and manufacturing facilities, has the 
        capacity to reduce energy usage instantaneously without adverse effects; 
        and
Whereas PoW mining can reduce methane emissions by using stranded or wasted 
        methane as a fuel source, thus reducing the amount of methane that 
        enters the atmosphere: Now, therefore, be it
    Resolved, That it is the sense of the House of Representatives 
that--
            (1) energy development should be a key pillar to the growth 
        of the United States economy, infrastructure, and national 
        security, and Proof-of-Work mining can help develop 
        advancements in all of these sectors;
            (2) digital asset Proof-of-Work mining can help facilitate 
        energy development by collaborating with the energy sector, 
        yielding an explosion of innovation that will improve United 
        States energy independence;
            (3) digital asset Proof-of-Work mining is an important part 
        of the United States ability to achieve energy independence and 
        continued national security;
            (4) China has chosen to push Proof-of-Work miners out of 
        the country, and instead adopted a Central Bank Digital 
        Currency;
            (5) the Federal Reserve cannot issue a Central Bank Digital 
        Currency without congressional authority;
            (6) the United States should invest in the digital asset 
        industry and promote sustainable job growth and innovative 
        development; and
            (7) the industry will bring high-paying jobs and technology 
        training to areas where it is most needed.
                                 &lt;all&gt;
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