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Eight U.S. lawmakers, together with Senator Elizabeth Warren, have despatched letters to high U.S.-based bitcoin mining companies questioning them about their crypto mining operations. “The terribly excessive vitality utilization and carbon emissions related to bitcoin mining may undermine our arduous work to sort out the local weather disaster — to not point out the dangerous impacts cryptomining has on native environments and electrical energy costs,” Senator Warren wrote.
U.S. Senator Elizabeth Warren (D-Mass.), a member of the Senate Banking, Housing, and City Affairs Committee, introduced Thursday that she and 7 different senators have despatched letters to 6 crypto mining firms “elevating considerations over their terribly excessive vitality utilization.”
The announcement particulars: “Senator Warren and her colleagues requested every firm to element their electrical energy consumption, scaling plans, agreements with electrical energy firms, and impression on vitality prices for customers and small companies by February 10, 2022.”
The letters have been despatched to 6 crypto mining companies: Riot Blockchain, Marathon Digital Holdings, Stronghold Digital Mining, Bitdeer, Bitfury Group, and Bit Digital.
Senator Warren defined:
The terribly excessive vitality utilization and carbon emissions related to bitcoin mining may undermine our arduous work to sort out the local weather disaster — to not point out the dangerous impacts cryptomining has on native environments and electrical energy costs.
She claims that “Bitcoin mining’s energy consumption has greater than tripled from 2019 to 2021, rivaling the vitality consumption of Washington state, and of whole international locations like Denmark, Chile, and Argentina.”
“We’d like extra info on the operations of those cryptomining firms to know the total scope of the results for the environment and native communities,” the senator from Massachusetts harassed.
In December final 12 months, Senator Warren despatched an identical letter to Greenidge Era Holdings, which operates one of many largest bitcoin mining operations within the U.S. She requested the corporate about their emissions and impacts on native ecosystems and electrical energy costs.
A report on the bitcoin mining business revealed by Coinshares this month notes that “Utilization of vitality is a contentious and far misunderstood perform of the Bitcoin financial system.” The report explains, “Carbon emissions emitted by electrical energy suppliers supplying the bitcoin mining community are inconsequential,” elaborating:
At 0.08% of worldwide CO2e emissions, eradicating all the mining community from international demand — and thereby depriving lots of of tens of millions of individuals of their solely hope for a good and accessible type of cash — wouldn’t quantity to something greater than a rounding error.
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