U.S. lawmakers have proposed legislation requiring the Environmental Protection Agency (EPA) to publish a report on the energy requirements and environmental effects of cryptocurrency mining.
In response to criticism from some lawmakers that the significant amount of electricity required to verify transactions on Proof-of-Work (PoW) blockchains such as Bitcoin is increasing the use of fossil fuels blamed for global warming, this new bill that would require U.S. cryptocurrency miners to report greenhouse gas emissions has been submitted to the Senate.
Rep. Huffman said in a statement:
“Cryptomining facilities not only undermine our efforts to fight the climate crisis, but can also create pollution for nearby communities. Granting this industry impunity to inflict such environmental harm runs counter to numerous federal policies, and we need to understand the full harm this industry presents.”
According to Huffman, the bill co-sponsored by Senator Markey will finally lift the veil on this industry by requiring crypto mining facilities to declare their carbon dioxide emissions and conduct a thorough interagency investigation into the environmental implications of cryptocurrency.
It’s time we pull back the curtain on crypto’s harmful environmental impacts.
Today, @SenMarkey and I introduced a bill to get the transparency we need for oversight and accountability in this industry.https://t.co/6jzDrRyIq1
— Rep. Jared Huffman (@RepHuffman) December 8, 2022
Senator Markey stated:
“Big-money cryptomining companies are undermining decades of progress in our fight against climate change by putting profits over the promise of our clean energy future – jeopardizing the reliability and safety of our grid in the process and making it all the more likely for utilities to raise energy prices on working families.”
Markey also stated that it is critical to ensure that crypto mining companies report their greenhouse gas emissions in order to hold them accountable and protect communities across the country that rely on the power grid to heat their homes, cook their food, and go about their daily lives.
Yvonne Taylor, vice president of Seneca Lake Guardian, also commented, saying:
“In New York, we just successfully won a first-in-the-nation moratorium on fossil fuel-powered cryptomining. And earlier this year, we won our campaign to get the air permit denied for Greenidge Generation, a massive Bitcoin mine wreaking havoc on Seneca Lake, our local economy, and the climate. But the cryptomining industry is growing rapidly, threatening communities across the country. This can’t be a town-by-town or state-by-state fight. We need federal action on climate-killing cryptomining, and Senator Markey’s legislation is a great start.”
If you would like to read more news articles like this, visit DeFi Planet and follow us on Twitter, LinkedIn, Facebook, and Instagram.
“Take control of your crypto portfolio with MARKETS PRO, DeFi Planet’s suite of analytics tools.”
