A group of Democratic lawmakers led by Sen. Elizabeth Warren of Massachuttes has asked six crypto mining companies, including Riot Blockchain, to answer questions about the impact of their operations on the environment and the cost of electricity in the United States. In separate To the CEOs of each company, the group asks the companies to detail their power consumption, their scaling plans and any agreements they have with local utilities. You have until February 10th to respond.
Lawmakers say they are concerned about what a dramatic increase in domestic cryptocurrency mining has meant for the environment and consumers. Specifically, they cite a study from 2021 that estimated New York state crypto mining increased annual utility bills by approximately $165 million for small businesses and $79 million for consumers, “with little or no local economic benefit.” They also point out that energy consumption related to bitcoin mining tripled between 2019 and 2021.
“The extraordinarily high energy consumption and carbon emissions associated with bitcoin mining could undermine our hard work to address the climate crisis — not to mention the detrimental impact of crypto mining on the local environment and electricity prices,” Senator Warren said. “We need more information about the operations of these crypto mining companies to understand the full extent of the impact on our environment and local communities.”
The group believes that regulatory action for the industry may be on the horizon, but the impact of cryptocurrency on other parts of the economy is clearly something for lawmakers to ponder. On Jan. 20, the House Energy and Trade Committee held a hearing entitled “.” Additionally, U.S. lawmakers have become more interested in cryptocurrencies in recent months. That became apparent in December when the Senate held a hearing .
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