- The United States Congress is preparing for a hearing on the environmental impact of cryptocurrency mining.
- According to sources familiar with the matter, the House of Representatives Committee on Energy and Commerce is drawing up a list of witnesses for the hearing.
- The Committee plans to question witnesses about energy use in mining and proof-of-work infrastructure.
- In 2021, Senator Elizabeth Warren sent a letter to New York-based miners about the environmental impact of crypto mining.
A subcommittee of the US Congress is preparing for a hearing on the environmental impact of crypto mining. Governments around the world have taken numerous steps to address the negative impact of Bitcoin mining.
US Congress Plans Hearing on Adverse Impact of Crypto Mining
The news of a US Congressional hearing on the issue came amid growing concerns about the negative impact of cryptocurrency mining on the environment.
In August 2021, the US accounted for more than 35% of the global Bitcoin hashrate according to data from the Cambridge Center for Alternative Finance. According to numerous sources, the US is the largest Bitcoin mining nation.
The US Congressional subcommittee is preparing a hearing to assess the impact of cryptocurrency and Bitcoin mining. According to sources close to the matter, Congress is working on a list of witnesses.
The House Committee on Energy and Commerce Committee on Oversight and Investigations subcommittee is preparing to question witnesses on energy use in proof-of-work mining.
US-based mining companies have continued to expand their operations, raising concern among regulators. Sen. Elizabeth Warren recently expressed her concerns in a letter addressed to a New York-based mining company, Greenidge.
In the last three years, the countries that have banned Bitcoin and cryptocurrencies have doubled. Now nine countries have imposed a full ban and several others have implemented a partial ban.
Concerns surrounding Bitcoin, its use, and mining activities have affected governments around the world.