Crypto miners to report emissions when bill pushed back by US lawmakers, gets approved
Crypto miners are now in the crosshairs of US lawmakers.
A cryptomining bill pushing for transparency of gas emissions data is being pushed back in Congress, courtesy of US Senator Edward Markey and Representative Jared Huffman.
The bill is being reintroduced ahead of a hearing on the environmental impact of crypto mining scheduled for Tuesday.
Crypto Mining Bill to mandate emissions impact study
First proposed in December, the Act on environmental transparency for crypto-assets will require the Environmental Protection Agency (EPA) to investigate the effects of large-scale crypto mining on global warming.
The study will cost $5 million, and the results will be published within 18 months of the bill being approved.
Image: The Guardian
The miners will also be obliged to provide their emissions data.
Markey singled out 16 public groups, including Greenpeace USA and the National Stop Crypto Coalition, as major proponents of the bill.
Growing concerns about the impact of crypto mining
Crypto mining can have a negative impact on the environment, depending on the energy source used to power the mining operation.
The energy consumption of crypto mining is significant and can be compared to a small country.
According to some estimates, Bitcoin uses the network alone more energy than the entire country of Argentina.
A cryptocurrency mining facility. Image Cryptoglobal.
The majority of cryptomining is done using fossil fuels, such as coal and natural gas, which contribute to greenhouse gas emissions and climate change. This energy consumption also puts a strain on the local power grids, leading to blackouts and other problems.
However, some crypto miners have started using renewable energy sources, such as solar and wind power, to reduce their carbon footprint. In addition, there are initiatives to develop more energy efficient mining hardware and software to reduce energy consumption.
Consistent critics of Crypto Miners
Several lawmakers, including Markey and Huffman, wrote to the EPA Administrator Michael Regan and Energy Secretary Jennifer Granholm in February, asking that the two departments collaborate on a solution to the lack of data regarding cryptomining’s energy use and ecological impacts.
Bitcoin (BTC) total market cap at $431 billion on the weekend chart | Chart: TradingView.com
Also, they all agreed to sign a letter addressed to the CEO of the Electric Reliability Council of Texas, requesting data on the state of Texas’ cryptominers and related energy consumption and environmental impact. The main author of these two letters is Senator Elizabeth Warren.
Senator Markey will soon chair a meeting of the Senate Subcommittee on Clean Air and Nuclear Safety. At that gathering, participants will discuss the urgent need to take action against the “increasing environmental impacts of cryptomining.”
– Featured image from Coinbase
