U.S. lawmakers this week introduced a new bill that would change the Environmental Protection Agency (EPA) orders the impact of crypto mining research on climate. The three legislators who came up with the bill are “seriously concerned” about the effect that mining of cryptocurrencies can have.
Crypto mining under the microscope
Congressman Jared Huffman and Senator Ed Markey, among others, have indicated that they want crypto mining to be clear as soon as possible. They indicated in a statement that they are, as it were, sounding the alarm bells with the new bill. Bitcoin (BTC) miners in the United States consume as much as 1.4% of all electricity needed in the country, according to lawmakers.
“Letting this industry do such environmental damage with impunity goes against numerous federal policies, and we need to understand the full damage of this industry. My bill with Senator Markey will require crypto mining facilities to report their carbon dioxide emissions, as well as a detailed study from various agencies on the environmental impacts of cryptos, to finally pull back the curtain on this industry,” said Huffman.
It’s time we pull back the curtain on crypto’s harmful environmental impacts.
Today, @SenMarkey and I introduced a bill to get the transparency we need for oversight and accountability in this industry.https://t.co/6jzDrRyIq1
— Rep. Jared Huffman (@RepHuffman) December 8, 2022
Proof-of-work is the target
Scott Faber, a top executive at climate organization EWG, has already his support pronounced in favor of the bill. According to him proof of work cryptocurrencies nothing more than a waste of precious energy. According to Faber, the Ethereum (ETH) merge show that it is also simple otherwise can without major consequences for the crypto industry.
“The recently completed ethereum merge and previous code changes show that transformation by the bitcoin community is possible. […] Every industry, including the financial sector, can reduce its electricity use and greenhouse gas emissions. Adding more electricity demand, as proof-of-work mining will eventually require, is sending us in the wrong direction.”
It is therefore clear that especially proof-of-work networks such as Bitcoin are the target of the possible new research. In fact, Scott Faber clearly hints that proof-of-stake networks are highly favored. Bitcoin miners will not thank them for that.