US Lawmakers Want Federal Laws to Track Crypto Mining Energy

US lawmakers want to know data from crypto miners about their power consumption and emissions.

In the United States, Congressional Democrats are calling on the Environmental Protection Agency and Department of Energy to address the country’s recent proliferation of cryptocurrency mining. In a letter delivered just recently, Senator Elizabeth Warren and five other politicians are asking the two agencies to work together to get crypto mining companies to report their energy consumption as well as their emissions.

US lawmakers would like to know the data of cryptominers

This request comes after the completion of an investigation launched at the beginning of the year. According to the letter in question, data from seven of the largest US mining companies, including Stronghold, Biftury and Riot, shows that together they could consume more than 1 GW of electricity. In other words, their consumption would be enough to supply all the residential buildings in Houston.

Elizabeth Warren and others say they are concerned about the impact of such consumption on the environment and consumers. According to them, data from the three companies analyzed show that they emit approximately 1.6 million tons of CO2 per year, which is equivalent to the exhaust emissions of approximately 360,000 cars. “Bitcoin miners use a huge amount of electricity that could be used for other higher priority purposes, such as improving our electrification or our climate goals, such as replacing our boilers with heat pumps,” we can read, in particular.

about their energy consumption and emissions

Regarding the latter point, lawmakers cite a 2021 UC Berkeley study that estimated that upstate New York cryptocurrency mining accounts for about $165 million in electricity consumption for small businesses and $79 million for small businesses annually. consumers. Moreover, their investigation will only scratch the surface of the real impact of cryptocurrency mining on energy consumption and emissions in the United States. “None of the companies provided complete data in response to our questions.”

“The results of our survey, which collected data from only seven companies, are alarming. This data alone shows that crypto miners are huge consumers of energy, accounting for a significant – and rapidly growing – share of carbon emissions. The group says that by requiring mining companies to report consumption and emissions data, the Environmental Protection Agency and the Department of Energy can provide more accurate data for future decision making. Agencies have until August 15 to respond to this request.