Eight US lawmakers have come forward to push Bitcoin mining companies to reveal how much electricity they use for crypto mining, as the energy impact of cryptocurrency mining is felt in the whole world.
US senators have sent letters to six companies that mine Bitcoin in the United States, asking them how much electricity they use, where it comes from and how they plan to grow.
“Given the extraordinarily high energy consumption and carbon emissions associated with Bitcoin mining, mining operations raise concerns about their impacts on the global environment, local ecosystems and electricity costs. consumers,” according to the letters.
The letters were signed by Senators Elizabeth Warren (D-MA), Sheldon Whitehouse (D-RI), Jeff Merkley (D-OR), Margaret Hassan (D-NH) and Ed Markey (D-MA), Katie Porter (D-CA), Rashida Tlaib (D-MI) and Jared Huffman (D-CA).
The letters were sent as part of a monitoring hearing on the impact of crypto mining on energy by the House Energy & Commerce Committee.
According to the Swedish Financial Supervisory Authority and the Swedish Environmental Protection Agency, cryptocurrency mining threatens goals to limit global warming to 1.5 degrees Celsius under the Accord of Paris in 2015.
The most common method of producing crypto-assets requires huge amounts of electricity and generates significant CO2 emissions.
“Crypto-assets have a significant negative impact on the climate, as mining both causes significant greenhouse gas emissions and threatens the climate transition that urgently needs to happen. This is alarming. , and therefore crypto-assets need to be regulated,” according to Erik Thedeen, director of the Swedish Financial Supervisory Authority.
Bitcoin mining relies on a power-intensive process called “proof of work” to keep records secure.
The University of Cambridge and Digiconomist estimate that the two largest crypto-assets, Bitcoin and Ethereum, together consume about twice as much electricity in a year as Sweden as a whole.
Digiconomist estimates that crypto-assets at their current market value result in the release of up to 120 million tons of CO2 into the atmosphere per year.
–IANS
na/ksk/
(Only the title and image of this report may have been edited by Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
Dear reader,
Business Standard has always endeavored to provide up-to-date information and commentary on developments that matter to you and that have wider political and economic implications for the country and the world. Your constant encouragement and feedback on how to improve our offering has only strengthened our resolve and commitment to these ideals. Even in these challenging times stemming from Covid-19, we remain committed to keeping you informed and updated with credible news, authoritative opinions and incisive commentary on relevant topical issues.
However, we have a request.
As we battle the economic impact of the pandemic, we need your support even more so that we can continue to bring you more great content. Our subscription model has received an encouraging response from many of you who have subscribed to our online content. More subscriptions to our online content can only help us achieve the goals of bringing you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practice the journalism we are committed to.
Support quality journalism and subscribe to Business Standard.
digital editor
