US Lawmakers prepare for hearing on cryptocurrency mining’s environmental impact
- The US Congress is preparing for a hearing on the environmental impact of cryptocurrency mining.
- According to sources familiar with the matter, the House Energy and Commerce Committee is drawing a list of witnesses for the hearing.
- The Committee plans to question witnesses about energy use in proof-of-work mining and infrastructure.
- In 2021, Senator Elizabeth Warren sent a letter to New York-based miners regarding the environmental impact of crypto mining.
A US Congress sub-committee is preparing for a hearing on the environmental impact of crypto mining. Governments worldwide have taken numerous measures to address the negative impact of Bitcoin mining.
US Congress plans hearing for crypto mining’s adverse impact
The news of a US Congressional hearing on the issue broke amidst rising concerns about the negative impact of cryptocurrency mining on the environment.
As of August 2021, the US accounted for over 35% of the global Bitcoin hashrate based on Cambridge Centre for Alternative Finance data. According to numerous sources the US is the largest single Bitcoin mining nation.
The US Congress sub-committee is preparing a hearing to assess the impact of crypto and Bitcoin mining. According to sources close to the matter, Congress is working on a witness list.
The Oversight and Investigations subcommittee of the House Energy and Commerce Committee is getting ready to question witnesses about energy usage in proof-of-work mining.
US-based mining firms have continued expanding their operations, raising concerns among regulators. Senator Elizabeth Warren recently expressed her concerns in a letter addressed to a New York-based mining firm Greenidge.
Over the past three years, the countries that have banned Bitcoin and cryptocurrencies have doubled in number. Now nine countries have imposed a complete ban, and several others have implemented a partial ban.
The concerns surrounding Bitcoin, its usage and mining activities have affected governments worldwide.
Author
Ekta Mourya
FXStreet
Ekta Mourya has extensive experience in fundamental and on-chain analysis, particularly focused on impact of macroeconomics and central bank policies on cryptocurrencies.
