Fun

US Lawmakers Press Bitcoin Mining Firms on Energy Usage, Carbon Emissions, Climate Crisis

News Feed - 2022-02-01 08:02:15

US Lawmakers Press Bitcoin Mining Firms on Energy Usage, Carbon Emissions, Climate Crisis


Eight U.S. lawmakers, including Senator Elizabeth Warren, have sent letters to top U.S.-based bitcoin mining firms questioning them about their crypto mining operations. “The extraordinarily high energy usage and carbon emissions associated with bitcoin mining could undermine our hard work to tackle the climate crisis — not to mention the harmful impacts cryptomining has on local environments and electricity prices,” Senator Warren wrote. US Senators Want Answers From Top Bitcoin Mining Firms


U.S. Senator Elizabeth Warren (D-Mass.), a member of the Senate Banking, Housing, and Urban Affairs Committee, announced Thursday that she and seven other senators have sent letters to six crypto mining companies “raising concerns over their extraordinarily high energy usage.”


The announcement details: “Senator Warren and her colleagues asked each company to detail their electricity consumption, scaling plans, agreements with electricity companies, and impact on energy costs for consumers and small businesses by February 10, 2022.”


The letters were sent to six crypto mining firms: Riot Blockchain, Marathon Digital Holdings, Stronghold Digital Mining, Bitdeer, Bitfury Group, and Bit Digital.


Senator Warren explained: The extraordinarily high energy usage and carbon emissions associated with bitcoin mining could undermine our hard work to tackle the climate crisis — not to mention the harmful impacts cryptomining has on local environments and electricity prices.


She claims that “Bitcoin mining’s power consumption has more than tripled from 2019 to 2021, rivaling the energy consumption of Washington state, and of entire countries like Denmark, Chile, and Argentina.”


“We need more information on the operations of these cryptomining companies to understand the full scope of the consequences for our environment and local communities,” the senator from Massachusetts stressed.


In December last year, Senator Warren sent a similar letter to Greenidge Generation Holdings, which operates one of the largest bitcoin mining operations in the U.S. She asked the company about their emissions and impacts on local ecosystems and electricity prices.


A report on the bitcoin mining industry published by Coinshares this month notes that “Usage of energy is a contentious and much misunderstood function of the Bitcoin monetary system.” The report explains, “Carbon emissions emitted by electricity providers supplying the bitcoin mining network are inconsequential,” elaborating: At 0.08% of global CO2e emissions, removing the entire mining network from global demand — and thereby depriving hundreds of millions of people of their only hope for a fair and accessible form of money — would not amount to anything more than a rounding error. Tags in this story Bitcoin mining, crypto mining, cryptocurrency mining, mining firms, senator elizabeth warren


What do you think about Senator Elizabeth Warren sending letters to crypto mining firms? Let us know in the comments section below. Kevin Helms


A student of Austrian Economics, Kevin found Bitcoin in 2011 and has been an evangelist ever since. His interests lie in Bitcoin security, open-source systems, network effects and the intersection between economics and cryptography. Report: Nvidia’s Lite Hash Rate Tech to Stop Crypto Miners "Was Pointless" MINING | 2 days ago Global Chip Shortage Looms Over Bitcoin Mining Industry, ASIC Supply Tightens MINING | 4 days ago


Image Credits: Shutterstock, Pixabay, Wiki Commons Previous articleAriva (ARV) Announces Milestone Partnership With World Tourism Forum Institute (WTFI) and Global Tourism Forum (GTF) Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article. Read disclaimerShow comments More Popular NewsIn Case You Missed ItBlockchain and Cryptocurrency Is "Here to Stay and Impossible to Regulate at Large" — CEO of a United Arab Emirates Based Bank


According to the chief executive officer (CEO) of the United Arab Emirates-based financial institution, Bank of Sharjah, blockchain and cryptocurrencies are not only difficult to regulate but are also here to stay. Despite this prediction, the CEO admits that many ... read more.Visa Partners With Over 65 Crypto Platforms — Crypto-Linked Card Usage Soars Despite Price Volatility Study: US Financial Advisors Expect Proportion of Crypto Holding Clients to Increase by 60% Nigerian Crypto Firm Executive: Central Bank Prohibition Led to Growth in Crypto Awareness Salvadoran President Nayib Bukele Expects Bitcoin to Experience a "Gigantic Price Increase"

News Feed

Wu-Tang Clan’s Ticalion Stallion Method Man to Drop ‘Tical World’ NFT Comic Art
Wu-Tang Clan"s Ticalion Stallion Method Man to Drop "Tical World" NFT Comic Art Clifford Smith Jr., better known by his stage name Method Man from the rap superg
Bitcoin Stock To Flow Model Reveals $500,000 Price Target
Este artículo también está disponible en español. According to data from CoinMarketCap, Bitcoin (BTC) has gained by 0.66% in the past 24 hours with its market price now h
Bitcoin FilmFest: Lights, camera, halving as Bitcoin cinema hits Warsaw
Bryan O"Shea11 hours agoBitcoin FilmFest: Lights, camera, halving as Bitcoin cinema hits WarsawThe second edition of Bitcoin FilmFest in Warsaw, Poland, screened over a dozen movies and documentaries and coincided with t
Tom Blackstone7 hours agoCrypto gambling site Stake sees $41M withdrawn in confirmed hackUnusually large withdrawals were reportedly made from Stake to an account with no previous activity, with funds stolen including Te
Luno CEO: ‘Industry Accelerated a Lot Faster This Year Than We Anticipated’
Luno CEO: "Industry Accelerated a Lot Faster This Year Than We Anticipated" The pace of the crypto industry’s acceleration in 2021 has surprised many, including Marcus Swane
Bitcoin, Ethereum Technical Analysis: BTC Nears $17,000 Heading Into the Weekend
Bitcoin, Ethereum Technical Analysis: BTC Nears $17,000 Heading Into the Weekend Bitcoin was closing in on the $17,000 level on Friday, as cryptocurrency markets rebounded heading
Monopoly Millionaire Game Raised $1 Million in Seed Funding
Monopoly Millionaire Game Raised $1 Million in Seed Funding press release PRESS RELEASE.Monopoly Millionaire Game, a marine-themed GameFi that involves island construction, cultivat
Metallica’s X account hacked to promote crypto token
Tom Mitchelhill7 hours agoMetallica’s X account hacked to promote crypto tokenThe official X account for Metallica was hacked, and exploiters posted about a Solana token dubbed METAL.3636 Total views6 Total sharesListe
Marcel Pechman10 hours agoBitcoin options tantalizing bears to push BTC price below $30K before Friday’s expiryBitcoin bears are closing in on a rare win, as they have the advantage in this week’s $600 million BTC op
Bitcoin Becomes 12th Largest Asset Worldwide by Valuation, Surpassing Visa
Bitcoin Becomes 12th Largest Asset Worldwide by Valuation, Surpassing Visa After dropping below $26,000 per unit, the price of bitcoin, the leading digital asset by market capitali
Price analysis 4/10: BTC, ETH, BNB, SOL, XRP, DOGE, TON, ADA, AVAX, SHIB
Rakesh Upadhyay4 hours agoPrice analysis 4/10: BTC, ETH, BNB, SOL, XRP, DOGE, TON, ADA, AVAX, SHIBBitcoin is witnessing a tough battle between the bulls and the bears near the $69,000 level with buyers holding a slight e
Dollar Loses to Digital Currencies in 2023, Former Russian President Medvedev Says
Dollar Loses to Digital Currencies in 2023, Former Russian President Medvedev Says Digital fiat currencies will spread next year while the U.S. dollar will be losing its status of