US lawmakers push regulator to put more “pressure” on cryptocurrency miners

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2022-07-20 06:38:42

A group of members of the US Congress have sent a letter to the Department of Energy and the Environmental Protection Agency (EPA) putting more pressure on cryptocurrency miners.

US lawmakers push regulator to put more “pressure” on cryptocurrency miners

Specifically, on July 15, Senator Elizabeth Warren and Congressman Jared Huffman sent a letter to the Department of Energy (DOE) and the Environmental Protection Agency (EPA) to propose that regulators require miners. Cryptocurrencies must report information on emissions and energy use in their operations.

The legislators also released written responses from the seven miners they contacted to inquire about the process.

“None of the companies provided sufficient information to answer our questions.”

According to information compiled by lawmakers, these miners have used a total of 1,045 megawatts and plan to increase at least 2,399 megawatts over the next few years to increase mining capacity. As a result, both members of Congress called this signal worrisome and stated that miners are taking up a huge amount of energy and are gradually becoming an increasingly serious environmental impact. .

Even so, they also said that currently little is known about the scope of crypto mining.

“This is really dangerous, forcing regulators to work together to address the lack of information about the energy use and environmental impact of the cryptocurrency mining industry.”

Not only that, in the letter both lawmakers asked regulators to clarify whether they actually have the authority to request disclosures from miners. This is also the problem that EPA has faced in recent times, following a Supreme Court decision in late June 2022 to limit the agency’s authority to regulate greenhouse gas emissions. from power plants.

The move from the Court also caught lawmakers by surprise because on March 9, President Biden signed an executive order that added the EPA to the list of government agencies tasked with reviewing the risks. potential risks and benefits of cryptocurrencies and issue a report within 180 days. Specifically, the President asked the agency to study crypto’s potential to halt or advance efforts to tackle climate change at home and abroad.

However, it can be seen that the move from Senator Elizabeth Warren and Representative Jared Huffman is in stark contrast to prominent lawmakers such as Senators Patrick McHenry, Tom Emmer and Cynthia Lummis – who are behind the bill. US crypto regulator, the trio also sent a letter to the EPA on June 18, but it was to convince about the benefits of Proof-of-Work (PoW).

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