Lawmakers bring back Crypto-Asset Environmental Transparency Act for Senate Environmental And Public Works Committee Witness the rising energy usage in cryptomining industries
Across U.S., Bitcoin Crypto-asset mining produces greenhouse gas emissions similar to seven million gasoline-powered cars
Bill Text (PDF)
Washington (March 3, 2023) – Senator Edward J. Markey (D-Mass.), Chair of the Senate Environmental And Public Works (EPW) Subcommittee On Clean Air, Climate?, and Nuclear Safety?, and Representative Jared Huffman CA-02 announced today the reintroduction Crypto-Asset Environmental Transparency ActLegislation to require cryptomining firms to disclose their emissions from operations that consume more power than five megawatts and to make it mandatory for them to report the information to the Environmental Protection Agency (EPA) to conduct a thorough investigation into the effects of U.S. cryptocurrencymining. Bitcoin Crypto-asset mining companies are located in the United States are estimated to use enough electricity to light up every home in the nation, and their facilities produce as much greenhouse gas emissions as seven million gasoline powered cars. Senator Jeff Merkley (D-Ore.) is a cosponsor.
Next week, Senator Markey will lead the first-ever Senate hearing focused on the pressing necessity to control the growing environmental impacts from cryptomining. The hearing is titled “Air, Climate, and Environmental Impacts of Crypto-Asset Mining,” Senator Markey will speak with experts on the crypto industry’s energy consumption, the environmental consequences of crypto emissions, alternatives to cryptomining, and claims made by industry leaders.
“The crypto sector is expanding, and with it a cloud of contamination from their mining facilities,” Senator Markey said. “While we work together as a nation to confront a serious crisis that puts our people and planet at risk, crypto miners are consuming megawatt after megawatt from our public grids and producing skyrocketing greenhouse gas emissions, only so they can make a profit. We can no longer afford to let this industry run amok in our communities.”
“As we strive to transition our nation to clean energy and decrease greenhouse gas emissions, we must guarantee that the cryptocurrency industry is held accountable for its own emissions and not excluded from our clean air and climate objectives,” said Representative Huffman. “The Crypto-Asset Environmental Transparency Act will help us understand the scope of the environmental effects of crypto-mining, and, if necessary, institute sensible policies to reduce those effects.”
Senator Ed Markey (D-MA) and Representative Jared Huffman (D-CA) have announced a new piece of legislation that is designed to counter the serious environmental impact of cryptocurrency mining. The bill, which is titled the Crypto-Asset Environmental Transparency Act, is aimed at holding cryptomining companies accountable for their energy-intensive operations and reducing their negative effects on the climate.
The Act is backed by the Environmental Working Group, Sierra Club, Earth Justice, Greenpeace USA, Food And Water Watch, National Stop Crypto Coalition, Public Citizen, Change The Code Campaign, Natural Resources Defense Council, Mon Valley Clean Air Coalition, Seneca Lake Guardian, Committee To Preserve The Finger Lakes, Concerned Citizens This is Navarro County, Cherokee County Citizens Against Crypto MiningFrackBustersNY, and Concerned Citizens This is Cook County.
The Act’s co-authors, Sen. Markey and Rep. Huffman, are deeply concerned about the environmental implications that the unchecked growth of cryptocurrency mining can have on the climate. “In an era where we are working to slow the effects of climate change, it makes no sense to continue allowing cryptomining’s skyrocketing energy demands and planet-polluting emissions to go unchecked,” said Rep. Huffman. “Granting this industry impunity to run rampant is a risk to the health and safety of our communities and planet, and we need to understand the full harm this industry presents. It’s past time for serious government oversight and regulation of these cryptocurrency schemes.”
Last December, Sen. Markey introduced the Act in order to address these issues. Since then, he and his colleagues have conducted a comprehensive investigation of cryptomining’s environmental impacts, and sent a letter to the EPA and Department This is Energy (DOE) requesting that the agencies collaborate in requiring cryptominers to disclose their emissions and energy use.
A copy of the bill text can be found HERE.