February 5, 2023

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

Three United States legislators have introduced a bill that would direct the Protection Agency Environmental Protection Agency (EPA) to submit a report on energy consumption and environmental impact miners cryptocurrencies. In a Dec. 8 statement, California Representative Jared Huffman and Massachusetts Senator Ed Markey said they were "sounding the alarm" on energy consumption. crypto mining in the US, claiming that bitcoin miners (BTC) accounts for approximately 1.4% of the country's electricity consumption.

Together with Senator Jeff Merkley, lawmakers introduced the Environmental transparency of crypto assetsaimed at obliging the EPA to reportabout mining activity consuming more than 5 megawatts. “Giving this industry impunity for such environmental damage is against many federal policies, and we need to understand the harm this industry is doing,” Huffman said.

“My bill, drafted with Senator Markey, would require crypto-mining enterprises carbon emissions reports, anda detailed inter-agency study of the impact of cryptocurrencies on the environment - we will finally lift the curtain on this industry” It's time to lift the curtain on the harmful effects of cryptocurrencies on the environment. Today, @SenMarkey and I introduced legislation that will provide the transparency needed for oversight and accountability in this industry.

Markey and Huffman called concerns aboutclimate change as one of the reasons for the early 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 President Environmental Working Group on Government Affairs, spoke out in support of the bill, calling proof-of-work cryptocurrencies “intrinsically wasteful” and stating that BTC and other tokens will incentivize miners to consume more electricity: Relevant: Despite the fact that in 2022 the blockchain Ethereum will move from proof-of-work technology to less energy-intensive proof-of-stake, many US lawmakers continue to criticize cryptocurrencies for electricity 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.