In the letter, Senator Warren raised the same concerns as in the December 2021 letter to Greenridge, stating that she and her colleagues observed: “Bitcoin mining’s electricity consumption has more than tripled from 2019-2021, rivaling the energy consumption of Washington State, and entire countries such as Denmark, Chile and Argentina.”
Senator Warren requested information from six companies, including Riot Blockchain, Marathon Digital Holdings, Stronghold Digital Mining, Bitdeer, Bitfury Group and Bit Digital. The questions revolved around their mining operations, energy consumption, possible impact on the climate and local environments, as well as the effect of electricity costs on US consumers.
New York
On June 3, 2022, New York regulators passed a two-year moratorium on proof-of-work mining in the state, citing New York’s Climate Leadership and Community Protection Act, which requires New York’s greenhouse gas emissions to be cut by 85% by 2050 Part of the bill requires conducting a government study on the environmental impact of proof-of-work mining.
Representative Anna Kelles sponsored the legislation . “My bill is not a ban on Bitcoin,” Kelles said. “It’s not even a ban on crypto mining. It wouldn’t limit the ability to buy, sell, invest or use crypto [New York state].”
New York City Comptroller Brad Lander feared a strain on energy caused by mining. “New York State is reaching a critical juncture in its effort to electrify the energy sector, and the current proof-of-work cryptocurrency mining in New York State deviates from our goals by increasing our reliance on fossil fuels, thereby creating additional economic stressors and endangering investments for New York City,” he wrote.
The legislation warns against increased mining in the state. “The continued and expanded operation of cryptocurrency mining operations that run proof-of-work authentication methods to validate blockchain transactions will greatly increase the amount of energy use in New York State, and affect compliance with the Climate Leadership and Community Protection Act.”
Washington State
The pressure comes not only from regulators and politicians, but also from local bureaucrats. Chelan County, Washington increased hydro rates for bitcoin miners by 29%, effective June 1, 2022. Miners there once paid a lower, high-density load rate for their electricity. “What we did as a commission, and what we did as a utility was industry leading, to create a new rate for this type of demand,” Gary Arseneault, a Chelan County Public Utility District (PUD) commissioner, told News Radio 560 KPQ. For mining companies with significant investments, Chelan County has reportedly approved a transition plan to increase prices.
Malachi Salcido, CEO of Salcido Enterprises, said the new rate will force him to convert his mining facilities into data farms. “Do you really want to be in the business of regulating what kind of processing happens on servers in your territory,” Salcido said.
Europe
European authorities will also ban bitcoin mining. Swedish financial regulators and the European Commission considered banning proof-of-work, according to documents published by the German website netzpolitik.org.
Released under EU freedom of information laws, the documents show that at a meeting in November 2021, Swedish financial and environmental regulators and the European Commission’s digital policy arm discussed banning trading in proof-of-work cryptocurrencies, such as bitcoin.
An unnamed participant did not [the] need to “protect” the bitcoin community,” noting that it should push toward the more environmentally friendly proof-of-stake, as Ethereum had done. The documents were partially redacted due to an “ongoing decision-making process.”
In addition, the head of sustainable finance at the International Organization of Securities Commission (IOSCO) proposed a ban on EU mining in MiCA, the EU’s digital asset management legislation. However, the work permit ban was not included in the final bill.
So far, attempts by European lawmakers to ban proof-of-work mining have failed to gain the necessary votes in a vote in the European Parliament’s committee. “It seems that reason and common sense prevailed,” Paris MEP Pierre Person tweeted . “We must continue to defend the principle of technological neutrality. Europe must remain in the global competition!”
According to an anonymous Decrypt source, there were two alternative compromises related to the watered-down version of the ban on unsustainable protocols, all of which were rejected. “The proposal that caused all that mobilization will not be part of [MiCA] text,” the source added, referring to the widespread opposition to a ban on proof of employment.
Furthermore, the European Green Party presented yet another watered-down version of the original text. “Crypto-assets shall be subject to minimum standards of environmental sustainability with respect to their consensus mechanism used to validate transactions, before they are issued, offered or admitted to trading in the Union,” the revised proposal said.
Bitcoin Versus International Communism
Communist regulators, who are in power all over the world, want to ban Bitcoin. Being the gaslighters that they are, they will tell you that they are not banning Bitcoin – only proof-of-work mining, because Bitcoin can adopt proof-of-stake. They are idiots and they will come for proof-of-stake eventually. Say “no” and educate yourself. There is an international sting – a secretly plotted and suddenly executed attempt – to end the Bitcoin experiment; it will never yield, and neither can those who wish to live in a world of monetary choice.
This is a guest post by Justin O’Connell . Opinions expressed are entirely their own and do not necessarily reflect the opinions of BTC Inc. or Bitcoin Magazine.
