Sen. Markey, Rep. Huffman Announces Legislation to Crack Down on Crypto Energy Consumption as Markey Holds First Senate Hearing Focusing on Industry’s Environmental Impacts
Lawmakers Reintroduce Crypto-Asset Environmental Transparency Act Ahead of Senate Environment and Public Works Committee Hearing Investigating Skyrocketing Energy Consumption of Cryptomining Industry
Across the United States, Bitcoin crypto-asset mining facilities produce greenhouse gas emissions equivalent to emissions from seven million gasoline-powered cars
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Washington (March 3, 2023) – Senator Edward J. Markey (D-Mass.), Chair of the Senate Environment and Public Works (EPW) Subcommittee on Clean Air, Climate and Nuclear Safety, and Representative Jared Huffman (CA-02) ) today announced the reintroduction of Act on environmental transparency for crypto-assets, legislation requiring cryptomining companies to disclose their emissions for operations that use more than five megawatts of electricity, and requiring the Environmental Protection Agency (EPA) to conduct a comprehensive study of the impacts of US cryptomining. Crypto asset Bitcoin mining companies in the United States are estimated to use enough electricity to light every home in the country, and their facilities produce as much greenhouse gas emissions as seven million gasoline-powered cars. Sen. Jeff Merkley (D-Ore.) is a co-sponsor.
Next week, Senator Markey will chair the first-ever Senate hearing focusing on the urgent need to crack down on the growing environmental impacts of cryptomining. During the hearing, entitled “Air, Climate and Environmental Impacts of Crypto Asset Mining,” Senator Markey will speak with experts about the crypto industry’s energy consumption, the environmental consequences of crypto emissions, alternatives to crypto mining, and claims from industry leaders.
“The crypto industry is growing and so is a cloud of pollution around their mining facilities,” Senator Markey said. “While we work together as a nation to address an existential crisis that endangers the health and safety of our people and our planet, crypto miners are siphoning megawatt after megawatt from our public grids and releasing sky-high greenhouse gases, just so they can make money for themselves. We cannot afford to let this industry run roughshod over our communities any longer.”
“As we try to slow the effects of climate change, it makes no sense to continue to ignore cryptomining’s skyrocketing energy needs and planet-polluting emissions,” Rep. Huffman said. “Giving this industry impunity to run rampant is a risk to the health and safety of our communities and our planet, and we need to understand the full damage this industry is doing. It is past time for serious government oversight and regulation of these cryptocurrency schemes.”
You can find a copy of the bill HERE.
The Act on environmental transparency for crypto-assets is supported by Environmental Working Group, Sierra Club, Earth Justice, Greenpeace USA, Food and Water Watch, National Stop Crypto Coalition, Public Citizen, Change the Code Campaign, Natural Resources Defense Council, Mon Valley Clean Air Coalition, Seneca Lake Guardian, Committee to Preserve the Finger Lakes, Concerned Citizens of Navarro County, Cherokee County Citizens Against Crypto Mining, FrackBustersNY and Concerned Citizens of Cook County.
Last December, Senator Markey introduced the legislation—Act on environmental transparency for crypto-assets-to hold crypto-mining companies accountable and reduce their energy-intensive operations that undermine US climate change. In October, Senator Markey joined his colleagues in writing to the Electric Reliability Council of Texas (ERCOT), the operator of Texas’ electric grid, asking for information about the company’s subsidies to crypto miners and how their subsidies affect climate change, consumers and the energy grid. Senator Markey and his colleagues sent a letter to the EPA and the Department of Energy (DOE) in July 2022 about what they discovered in their extensive investigation into cryptomining’s environmental impacts while requesting that the EPA and DOE work together to require cryptominers to disclose their emissions and Energy. use.
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