Crypto Miners Defend Congress-Driven Gigawatt-Scale Energy Consumption

- Advertisement -


Citing “alarming” power levels used by cryptocurrency miners, a Democratic group led by Senator Elizabeth Warren is calling for the Environmental Protection Agency and Department of Energy to crack down on the controversial industry.

- Advertisement -

letter, signed by four senators and two representatives, calls on regulators to require crypto miners to disclose their carbon emissions and energy use. Ecologists have long caused concern about bitcoin and other energy-hungry proof-of-stake tokens — and it is estimated that cryptocurrencies consume more energy globally than whole countriessuch as Venezuela and Finland.

- Advertisement -

The report states that in the US, just seven firms have built more than 1,045 gigawatts of capacity for crypto mining purposes; “That’s enough power to power every residential building in Houston, Texas.” The mining farms highlighted in the report are managed by Fortress, greenidge, Bit digital, bitfuri, Bitdir, Marathon as well as Riot.

Although crypto winter 2022 can stimulate some miners are cutting operations, lawmakers say the industry as a whole is poised for rapid growth and is “likely to be problematic in terms of energy and emissions.” However, they caution that “little is known about the full scope of crypto mining activity.” Hence their call for more data.

- Advertisement -

AT response Lawmakers said companies downplayed the industry’s importance as a source of planet-damaging emissions. However, they highlighted their individual efforts to reduce emissions and use renewable sources.

Marathon pointed to his work “with energy companies to create clean, green, renewable energy sources (such as solar and wind) that could not otherwise be built.” However, most of the energy used by the Marathon currently comes from a coal-fired power plant in Hardin, Montana.

In a similar vein, Riot argued that “Bitcoin mining is driving more demand for renewable energy than the typical U.S. energy consumer” and focused on hydropower use in upstate New York. However, Riot’s operations in Rockdale, Texas are running at nearly seven times the capacity and drawing power from the state’s grid. Last year, Texas produced most of its energy from non-renewable sources (51% natural gas and 13.4% coal).

Speaking of coal, Stronghold told lawmakers it is “actively working to restore heaps of coal debris and conversion of coal waste into energy”. Waste from the coal industry ecological nightmareand cleaning it is a good idea. Waste coal burning, on the other hand, still produces harmful emissionsalthough scrubbers can reduce the worst effects.

Meanwhile, Blockfusion and Bitdeer pointed to their use of software to minimize the load on power systems.

While the letter provides a critical look at the cryptocurrency, most short-term U.S. emission cuts must come from the energy and transportation sectors if the U.S. is to meet its net emissions target by 2030. according to employees of the Research Institute of Electricity. Last April, the White House said it intended to in half US greenhouse gas emissions by 2030.

DC remains practically got stuck on climate legislation, but Democratic lawmakers, who did not name Senator Joe Manchin, have recently sought to cut emissions through tax credits that could boost both renewable energy production and electric vehicle sales. In a June interview with TechCrunch, Energy Secretary Jennifer Granholm said giving clean energy tax credits this summer was “the surest way” for the US.


Credit: techcrunch.com /

- Advertisement -

Stay on top - Get the daily news in your inbox

DMCA / Correction Notice

Recent Articles

Related Stories

Stay on top - Get the daily news in your inbox