Four members of the United States House of Representatives from the Energy and Commerce Committee have demanded solutions from 4 main crypto mining companies with reference to the potential results of their energy consumption on the surroundings.
In letters dated Wednesday to Core Scientific, Marathon Digital Holdings, Riot Blockchain, and Stronghold Digital Mining, U.S. lawmakers Frank Pallone, Bobby Rush, Diana DeGette, and Paul Tonko requested the businesses present info from 2021 together with the energy consumption of their mining amenities, the supply of that energy, what share got here from renewable energy sources, and the way typically the companies curtailed operations. The 4 members of the House committee additionally inquired as to the typical price per megawatt hour the businesses spent mining crypto at every of their respective amenities.
“Blockchain technology holds immense promise that may make our personal information more secure and economy more efficient,” stated the lawmakers in a letter to Riot CEO Jason Les. “However, the energy consumption and hardware required to support PoW-based cryptocurrencies may, in some instances, produce severe externalities in the form of harmful emissions and excess electronic waste.”
(*4*)NEW: E&C leaders despatched a collection of letters to cryptomining firms as we speak demanding solutions on what they’re doing to mitigate their energy use and offset their local weather impacts. Read extra right here https://t.co/YDemVtZkVE
— Energy and Commerce Committee (@EnergyCommerce) August 17, 2022
The request adopted U.S. President Joe Biden signing the Inflation Reduction Act into regulation on Tuesday, a invoice thought of by many specialists to be the most important laws within the battle towards local weather change. The invoice included incentives to assist and develop inexperienced energy tasks, together with clear transportation and “climate-smart” manufacturing.
“Given the existential menace posed by the local weather disaster, we’re deeply involved about efforts like [Proof-of-Work mining] that improve demand for fossil fuels, with the potential to put new pressure on our energy grid.”
Related: Green and gold: The crypto tasks saving the planet
Whether in dialogue over its environmental or financial influence, cryptocurrency stays within the highlight amongst many in authorities, each within the United States and overseas. In April, 23 U.S. lawmakers despatched a letter to the Environmental Protection Agency, urging administrator Michael Regan to assess crypto mining companies probably violating environmental statutes.