US Lawmakers Call for More Oversight of Cryptocurrency’s Environmental Impacts

Twenty-three U.S. lawmakers person called connected the U.S. Environmental Protection Agency (EPA) to summation oversight of cryptocurrency’s biology impacts. “We petition that the EPA measure ‘Proof-of-Work’ mining facilities’ compliance with biology statutes,” they said.

Lawmakers Want More Oversight of Bitcoin Mining Industry

U.S. Representative Jared Huffman (D-CA) and 22 different Congress members jointly sent a missive to Environmental Protection Agency (EPA) Administrator Michael Regan regarding cryptocurrency mining operations Wednesday.

The congressman from California is the seat of the United States House Natural Resources Subcommittee connected Water, Oceans and Wildlife. He is besides a subordinate of the House Select Committee connected the Climate Crisis.

The missive calls for “increased oversight of cryptocurrency’s biology impacts,” Rep. Huffman’s bureau announced Thursday. In their letter, the lawmakers described:

We person superior concerns regarding reports that cryptocurrency facilities crossed the state are polluting communities and are having an outsized publication to greenhouse state emissions.

Among different claims, the lawmakers asserted that Proof-of-Work (PoW) mining contributes to “significant greenhouse state emissions” and “results successful large physics discarded challenges owed to the highly specialized and short-lived computing hardware needed to unafraid the network.” They stressed, “The manufacture needs to beryllium held accountable for this discarded and discouraged from creating it.”

The Congress members besides pointed retired that “Less energy-intensive cryptocurrency mining technologies, specified arsenic ‘Proof-of-Stake’ (PoS), are available.”

Noting that communities astir cryptocurrency mining facilities “have reported important sound pollution,” the lawmakers emphasized that “It is critically important that the EPA uses these authorities to adequately support communities crossed the U.S being disrupted by these cryptocurrency facilities.” They concluded:

We petition that the EPA measure ‘Proof-of-Work’ mining facilities’ compliance with biology statutes, specified arsenic the Clean Air Act and the Clean Water Act, and prosecute with the communities erstwhile reviewing permits.

“Further, we inquire that the EPA analyse and code immoderate harm these existing PoW facilities are causing communities,” the lawmakers added.

Many of the claims regarding bitcoin’s biology impacts person been debunked. Ark Invest, for example, has explained respective times that bitcoin mining is nett affirmative for the environment, and concerns astir the cryptocurrency’s vigor depletion are misguided. Furthermore, Galaxy Digital published a study successful May past twelvemonth showing that the banking strategy uses significantly much energy than bitcoin.

In January Coinshares published a study showing that bitcoin’s mining infrastructure accounts for 0.08% of the world’s c dioxide accumulation today. The institution further noted that “Usage of vigor is simply a contentious and much-misunderstood relation of the Bitcoin monetary system.”

Earlier this month, personage capitalist Kevin O’Leary said that “bitcoin mining is going to save the world.”

What bash you deliberation astir U.S. lawmakers seeking accrued oversight of cryptocurrency’s biology impacts? Let america cognize successful the comments conception below.

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