US Lawmakers Press Bitcoin Mining Firms on Energy Usage

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US Lawmakers Press Bitcoin Mining Firms on Energy Usage – Senator Elizabeth Warren is among eight US lawmakers who have written to key US-based bitcoin mining companies, asking them concerning their crypto mining operations. 

Senator Warren added, “The exceptionally high energy consumption and carbon emissions associated with bitcoin mining could jeopardize our efforts to address the climate catastrophe — not to mention the detrimental effects crypto mining has on local environments and electricity pricing.”

Senators in the United States want answers from the top Bitcoin mining companies.
Senator Elizabeth Warren (D-Massachusetts), a member of the Senate Banking, Housing, and Urban Affairs Committee, revealed last Thursday that she and seven other senators have written to six crypto mining businesses “expressing concerns about their very high energy usage.”

Also Read: Bitcoin Price Prediction Panel Lowers Forecast but Still Predicts Record-breaking 2022

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According to the press release, “Senator Warren and her colleagues have required that each company reveal its scaling plans, electricity use, relationships with electricity companies, and impact on energy costs for small business and consumers by February 10, 2022.”

Riot Blockchain, Bitdeer, Marathon Digital Holdings, Bit Digital, Stronghold Digital Mining, and Bitfury Group were the recipients of the letters.

“From 2019 to 2021, bitcoin mining’s power consumption more than tripled, surpassing the energy consumption of entire countries like Chile, Denmark, and Argentina,” she claims.

“We need more information on these crypto mining businesses’ operations to fully comprehend the full magnitude of the effects for our environment and local communities,” the Massachusetts senator emphasized.

Also Read: Crypto Mining Won’t Survive Another Round of Environmental Legislation

Senator Warren wrote a similar letter to Greenidge Generation Holdings, which runs one of the largest bitcoin mining facilities in the United States, in December of last year. She inquired about the company’s emissions, as well as their effects on local ecosystems and electricity prices.

“Usage of energy is a disputed and widely misunderstood component of the Bitcoin monetary system,” according to a Coinshares research on the bitcoin mining business released this month.

“Carbon emissions emitted by electrical companies servicing the bitcoin mining network are insignificant,” the research explains, adding:

Removing the whole mining network from world demand — and so depriving hundreds of millions of people of their only chance for a fair and accessible form of money — would be a rounding error at 0.08 percent of global CO2e emissions.

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