Eight U.S. lawmakers, together with Senator Elizabeth Warren, have despatched letters to main U.S. bitcoin mining corporations questioning them about their crypto mining operations. “The terribly excessive power consumption and carbon emissions related to bitcoin mining might undermine our onerous work to deal with the local weather disaster — to not point out cryptomining’s detrimental influence on the native atmosphere and electrical energy costs,” Senator Warren wrote.
US Senators Need Solutions From Main Bitcoin Miners
U.S. Sen. Elizabeth Warren (D-Mass.), a member of the Senate Committee on Banking, Housing and City Affairs, introduced Thursday that she and 7 different senators have despatched letters to 6 crypto-mining corporations “elevating considerations about their categorical exceptionally excessive power consumption.”
The announcement stated, “Senator Warren and her colleagues requested every firm to supply disclosures on energy utilization, scaling plans, agreements with electrical corporations, and influence on power prices for shoppers and small companies by February 10, 2022.”
The letters have been despatched to 6 crypto mining corporations: Riot Blockchain, Marathon Digital Holdings, Stronghold Digital Mining, Bitdeer, Bitfury Group and Bit Digital.
Senator Warren said:
The terribly excessive power consumption and carbon emissions related to bitcoin mining might undermine our onerous work to deal with the local weather disaster — to not point out cryptomining’s damaging influence on the native atmosphere and electrical energy costs.
She claims that “Bitcoin mining electrical energy consumption greater than tripled from 2019 to 2021, rivaling the power consumption of Washington state and full international locations like Denmark, Chile and Argentina.”
“We want extra details about the actions of those crypto mining corporations to know the complete extent of the influence on our surroundings and native communities,” stated the Massachusetts senator.
In December of final yr, Senator Warren despatched an analogous letter to Greenidge Technology Holdings, which operates one of many largest Bitcoin mining operations in the USA. She requested the corporate about its emissions and influence on native ecosystems and electrical energy costs.
A report on the bitcoin mining trade printed by Coinshares this month notes that “power consumption is a controversial and sometimes misunderstood characteristic of the bitcoin financial system.” The report states, “Carbon emissions emitted by electrical energy suppliers that energy the bitcoin mining community are irrelevant,” stating:
At 0.08% of worldwide CO2e emissions, eradicating the whole mining community from world demand – and thereby a whole bunch of hundreds of thousands of individuals their solely hope for a good and accessible type of cash – would imply not more than a rounding error.
What do you consider Senator Elizabeth Warren sending letters to crypto mining corporations? Tell us within the remark part beneath.
As an Austrian economics scholar, Kevin found Bitcoin in 2011 and has been an evangelist ever since. His pursuits lie in Bitcoin safety, open supply programs, community results and the interface between economics and cryptography.
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