Miners of cryptocurrencies are currently the focus of scrutiny from lawmakers in the United States.
The efforts of U.S. Sen. Edward Markey and U.S. Rep. Jared Huffman have resulted in the reversal of a crypto mining bill that would have required greater disclosure of information regarding emissions of greenhouse gases.
A session on the ecological consequences of cryptocurrency mining is set to take place on Tuesday, so the measure is being reintroduced today in preparation for the hearing.
The proposed crypto-mining legislation will include a requirement for an emissions impact study.
$5 Million Study to Access the Impact of Crypto Mining on the Environment!
The Crypto-Asset Environmental Transparency Act was initially presented (1) in December, and if passed, it would mandate that the Environmental Protection Agency (EPA) conduct an investigation into the implications that large-scale crypto-mining activities have on the acceleration of global warming.
The expense of the study will be $5 million, and the findings will be made available to the general public within 18 months of the measure being passed.
In addition to this, the miners would be required to hand up information regarding their emissions.
Markey listed a total of sixteen public organizations, such as Greenpeace USA and the National Stop Crypto Coalition, as primary advocates for the bill.
Worries Regarding the Effects of Mining Cryptocurrency Increasing
Depending on the type of energy utilized to power the mining activities, cryptocurrency mining may negatively affect the surrounding Environment.
The mining of cryptocurrencies requires a substantial amount of electricity and has been compared to the energy requirements of smaller nations.
Some estimates suggest that the Bitcoin network itself is responsible for greater energy use than the entire nation of Argentina.
The vast majority of cryptocurrency mining is accomplished with the use of fossil fuels like coal and natural gas, both of which contribute to the emission of greenhouse gases and the progression of climate change.
This kind of energy use places pressure on the electrical grids of the surrounding area, which can result in power outages and other problems.
However, to lessen their impact on the Environment, some cryptocurrency miners have begun to use renewable sources of energy like sunlight and wind power.
In addition, there are projects underway to produce more energy-efficient miner equipment as well as software to cut down on the amount of energy consumed.
Constant Attacks Leveled Against Cryptocurrency Miners
In February, a number of legislators, such as Markey and Huffman, wrote letters (2) to the Superintendent of the Environmental Protection Agency (EPA), Michael Regan, and the Secretary of Energy (Energy Secretary), Jennifer Granholm, asking that the two divisions work together on a remedy to the lack of information about the energy usage ecological effects of crypto mining.
In addition to this, they all consented to sign a letter that would be sent to the Chief Executive Officer of the Electric Reliability Council of Texas.
The letter would request information regarding the crypto miners in the state of Texas, as well as the related energy consumption and ecological impact.
Elizabeth Warren, a senator from Massachusetts, is the principal author of these two letters.
A meeting of the Senate’s Clean Air and Nuclear Safety Panel will take place soon, and Senator Markey will serve as the panel’s chair.
The urgent need to take action against the “increasing environmental implications of crypto mining” will be the topic of conversation at that conference, which guests will attend.
