December 8, 2022, Massachusetts, Oregon The state, California, has unveiled legislation aimed at combating “energy-intensive” cryptocurrency mining operations. The bill, introduced by Senator Ed Markey (D-Massachusetts), claims that cryptocurrency mining “taxes the grid” and the industry “undermines the United States’ climate goals.”
Three U.S. Officials Think Crypto Miners Should Report Carbon Emissions and Environmental Ratings
Ed Markey (D-MA) , Jeff Markley (D-ORE), Jared Huffman (D-CA),,introduced a bill calling for an “interagency study of the environmental and energy impacts of cryptocurrency mining.” . Marquee’s press release on the “Crypto Asset Environmental Transparency Act” details that the U.S. Environmental Protection Agency (EPA) will lead the investigation.
In addition, the EPA evaluates cryptocurrency mining activities in the United States and requires businesses to report their greenhouse gas (GHG) emissions. Cryptocurrency mining companies that are required to report GHG emissions are “businesses that consume more than 5 megawatts of electricity,” according to details in the press release.
“Huge [cryptocurrency mining] companies are undermining decades of progress in combating climate change by prioritizing profits over future promises of clean energy. In the process, it jeopardizes the reliability and safety of the power grid, making it even more likely that utilities will raise energy prices for working households,” Sen. Markey said Thursday.
Rep. Jared Huffman said the bill would finally “close the curtain on this industry.” Huffman added:
It’s time for transparency, oversight and accountability.
The bureaucratic bill aims to combat so-called climate change, which has been pushed for years by US politicians and leaders around the world. Marquee’s opinion shows that operations likeBitcoin (BTC) mining are actually advantageous not only for mitigating leveraged grids, but also for removing carbon emissions. It follows many studies and research reports.
For example, Environmental, Social and Governance (ESG) analyst Daniel Batten released a report claiming that Bitcoin mining could reduce the world’s carbon footprint by 5.32%. . On November 29, 2022, the Texas Electrical Reliability Council (ERCOT) issued a report showing Bitcoin mining benefits the Texas power grid. A Bitcoin mining operation in Texas could save 1.7 gigawatts (GW) of energy during the Texas winter, according to ERCOT research.
Bitcoin mining is also known to mitigate flare gas (release of raw gas into the atmosphere) and landfill gas. However, in a press release issued Thursday, U.S. Senator Markley argued that “cryptocurrency mining consumes a large amount of electricity,” stressing that “most of it is produced by burning fossil fuels.” Did. However, various studies over the years have shown that the vast majority of Bitcoin mining operations are powered by renewable energy sources.
Bureaucratic action is endorsed by the Sierra Club, Earthjustice, the Environmental Working Group, and the Seneca Lake Guardian. “Digital assets that rely on proof of work are wasteful by design,” Scott Faber, senior vice president of government affairs for the Environmental Working Group, said in a statement. EarthJustice clean energy attorney Mandy Deroche added that “strong federal regulation must address this situation.”
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