New US bill would require crypto miners to report greenhouse gas emissions
Quick Take
- Three Democratic lawmakers introduced bill that would prompt U.S environmental agencies to assess greenhouse gas emissions of crypto miners and report findings to Congress.
- Lawmakers say the oversight is needed for the U.S. to achieve its sustainability targets by the end of the decade.
Three U.S. lawmakers introduced a bill that would ask the Environmental Protection Agency to study crypto mining activity and require that miners that use more than 5 megawatts of power submit information on their greenhouse gas emissions.
Sens. Ed Markey, D-Mass., and Jeff Merkley, D-Ore., and Rep. Jared Huffman, D-Calif., sponsored the legislation, dubbed the "Crypto-Asset Environmental Transparency Act." The lawmakers say the oversight is needed for the U.S. to achieve its sustainability targets by the end of the decade, and it's been endorsed by the Sierra Club, Earthjustice, Environmental Working Group and Seneca Lake Guardian.
"This bill is an important step to understanding the full environmental impacts of these operations, as well as holding crypto mining operations accountable for the damage they cause," Merkley said in a statement.
The lawmakers said that Bitcoin mining carbon emissions will reach to 21-35 megatons in 2022, comparable to driving 4.5 million-7.5 million cars for one year. If approved, results would be given to committees at Congress as well as posted for the public on the EPA and Department of Energy websites.
Crypto mining firms have expanded to states like Texas and Georgia this year, though have been struggling with increased difficulty and falling crypto prices.
© 2023 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
