© Jamal Countess to Senator Edward Markey (D-Massachusetts) at a press conference December 8. (Getty Images for Countess Jamal/SEIU)US Sens. Ed Markey (D-Massachusetts), Jeff Merkley (D-Calif.) and Rep. Jared Hoffman (D-Calif.) introduced a bill Thursday that, if passed, would require environmental studies into energy use. and the environmental impact of cryptocurrency mining.
The Crypto Assets Environmental Transparency Act will direct the Environmental Protection Agency to release a report examining the impact of greenhouse gas emissions from miners using more than 5 megawatts of power, lawmakers say, warning that the cryptocurrency is falling short of US energy targets and threaten the domestic power grids.
Markey said in a statement that mining companies are "undermining decades of progress in our fight against climate change by prioritizing profits over our promises of a clean energy future."
“Getting underground mining companies to report their greenhouse gas emissions is a necessary step to hold them accountable and protect communities across the country that depend on the grid to heat their homes, cook and go about their daily lives ", he said.
Markey also warned that utilities may need to raise prices for other consumers, which has led some communities to squeeze out mining companies in the past.
The bill itself responds to concerns about climate change and its increasing environmental impacts, including droughts, wildfires and extreme weather events.
"Cryptoactive mining operations ... are often designed to increase overall computing power requirements over time, which can result in increased energy consumption," the bill reads. "The Bitcoin cryptocurrency network consumes more energy per year than countries like Chile or Bangladesh."
Two other concerns mentioned in the bill are noise and water pollution. In addition, the bill provides for data center projects for mining facilities.
The document recommends that the EPA propose regulations for the crypto mining industry, require reporting of greenhouse gas emissions and other similar regulations, and assess whether mining facilities are operating without proper permits.
“The equivalent impact on climate chaos is that of 30 million petrol-powered cars on the road. Most of this electricity from fossil fuels is generated in power plants. It disproportionately affects the poor," Merkley said in a statement, referring to fossil fuel manufacturing plants. communities and on the front lines. exacerbates problems of insufficient environmental justice. »
He also pointed to mining equipment, which is discarded after being burned and "puts a strain on sensitive power grids".
Several environmental groups have reportedly backed the bill.