Democratic members of the United States Congress, led by Senator Elizabeth Warrenare dissatisfied with the growth of crypto mining activity in the country and have written to two federal agencies about the impact of these activities on the country.
According to the report, the letter was signed by Senator Elizabeth Warren, an outspoken critic of the crypto industry, along with other members of the Democratic House, and was addressed to the Department of Energy and the Environmental Protection Agency.
According to the letter, seven of the largest crypto mining companies in the United States could use more than 1 gigawatt of electricity, the equivalent of two standard coal-fired power plants, raising concerns about the environmental impact of the operations.
The letter also stated that crypto mining facilities increased energy costs for residents and small businesses. It cited the case of Plattsburgh in New York, where electricity bills were up to $300 higher than usual.
The letter also cited a study that estimated that “the energy needs of cryptocurrency mining operations in New York State are driving up annual electricity bills by about $165 million for small businesses and $79 million for individuals.”
A recent report submitted to the US Congress revealed that a handful of crypto mining companies were expending tremendous energy, prompting lawmakers to write these federal agencies.
The letter concluded that these federal agencies should force cryptomining companies to disclose information about their energy consumption and emissions in order to provide data that policymakers can use for legislative processes.
Crypto Mining in the US
The United States has become a prime location for miners after China banned them from its jurisdiction.
States like Texas have witnessed an influx of miners because of the cheap electricity. Others, such as New York, are considering regulating space by: to introduce a two-year moratorium banning miners from using fossil fuels.