Bitcoin miners in the US are under pressure from regulators

US lawmakers introduced a new bill this week that could make a difference Environmental Protection Agency dictates the impact of (EPA). Crypto mining Climate research. The three legislators who brought the bill are “deeply concerned” about the potential consequences of mining cryptocurrencies.

Crypto mining under the microscope

Congressman Jared Huffman and Senator Ed Markey have indicated that they want crypto mining to be transparent as soon as possible. They indicated in a statement that they are ringing alarm bells with the new bill. Bitcoin (BTC) Miners in the US use up to 1.4% of the country’s electricity demand, according to lawmakers.

“Allowing this industry to do such environmental damage with impunity is against many federal policies, and we need to understand the full extent of the damage to this industry. My bill with Senator Markey would require crypto mining facilities to report their carbon dioxide emissions. A study from various agencies on the environmental impacts of cryptos, and finally this Pull back the curtain on the industry,” Huffman said.

It’s time to pull back the curtain on crypto’s harmful environmental impacts.

today, @SenMarkey I have introduced a bill to bring about transparency and accountability in this sector.https://t.co/6jzDrRyIq1

– Representative. Jared Huffman (@RepHuffman) December 8, 2022

Proof of Work Target

Scott Faber already has a top official at the climate organization EWG His support declared in favor of the Bill. According to him Proof of employment Cryptocurrencies are nothing but a waste of precious energy. According to Faber, the Ethereum (ETH) to unite Show that it is also simple Otherwise it can Without major consequences for the crypto industry.

“The recently completed ethereum merger and previous code changes show that transformation of the bitcoin community is possible. […] Every industry, including the financial sector, can reduce its electricity use and greenhouse gas emissions. Adding more electricity demand is sending us in the wrong direction, as the source of mining work will eventually be needed.

So it’s clear that proof-of-work networks like Bitcoin are a potential new research target. In fact, Scott Faber makes it clear that proof-of-stake networks are highly desirable. Bitcoin miners won’t thank you for it.