March 28, 2024

US lawmakers introduce bill aimed at reporting on the potential impact of cryptocurrency miners on the environment

Three United States legislators have introduced legislation that would direct the Protection AgencyEnvironmental Protection Agency (EPA) to submit a report on energy consumption and environmental impactminerscryptocurrency. In a Dec. 8 statement, California Representative Jared Huffman and Massachusetts Senator Ed Markey said they were “sounding the alarm” regarding energy consumptioncrypto miningin the USA, claiming thatbitcoin miners(BTC) accounts for approximately 1.4% of the country's electricity consumption.

Along with Senator Jeff Merkley, legislators introduced the Environmental Protection Acttransparency of crypto assets, aimed at requiring the EPA to reportabout mining activities consuming more than 5 megawatts. “Giving this industry impunity to cause such environmental harm is contrary to numerous federal policies, and we need to understand the full harm this industry causes”, – Huffman said.

“My bill, co-authored with Senator Markey, would requirecrypto-mining enterprisescarbon emissions reports, as well asa detailed interdepartmental study of the environmental impact of cryptocurrencies – We will finally lift the curtain on this industry” It's time to lift the lid on the harmful environmental impact of cryptocurrencies. Today @SenMarkey and I introduced legislation that will provide the transparency needed for oversight and accountability in this industry.

Markey and Huffman cited concerns aboutclimate change as one of the reasons for the speedy adoption of measures to regulate the crypto industry. The draft bill included statements about "noise and water pollution" caused by miners. Scott Faber, Senior Vice PresidentEnvironmental Working GroupGovernment Affairs, spoke in support of the bill, calling proof-of-principle cryptocurrencies “inherently wasteful” and stating thatBTCand other tokens will incentivize miners to consume more electricity: Related: Despite the fact that in 2022 the blockchainEthereumwill move from proof-of-work technology to less energy-intensive proof-of-stake technology, many US lawmakers continue to criticize cryptocurrencies for their energy consumption.

In October, Massachusetts Senator ElizabethWarren joined six other members of Congress in asking the head of the Texas Power Reliability Board for information on energy consumption and the potential environmental impact of cryptocurrency miners.