- The letter states that Digital assets, and their related mining activities, are crucial to the economic future of the U.S.
- According to the letter, preferring one technology over another, including proof-of-work versus proof-of-stake, can stifle innovation, erode future economic gains, and limit affiliated efficiencies.
On Thursday, 14 U.S. Congressmen wrote a letter to the Environmental Protection Agency(EPA) citing the benefits of the Bitcoin Mining (Proof-of-Work) mechanism. U.S. lawmakers, including pro-Bitcoin Senator Cynthia Lummis and Representative Tom Emmer, addressed EPA administrator Michael Regan, requesting to analyze the potential impact of crypto mining in an effort to balance innovation with environmental concerns.
The U.S. Legislators, in their letter, claimed bitcoin mining could have a “substantial stabilizing effect on energy grids” while citing examples of mining operations using flared gas and renewable energy sources. The letter states that Digital assets, and their related mining activities, are crucial to the economic future of the U.S. The letter also urges people to affirm their commitment to responsible innovation to ensure future generations of Americans continue to enjoy prosperity and opportunity.
While justifying Bitcoin PoW mining has environmental benefits, the letter states that a substantial portion of digital asset miners’ energy use is based on renewable sources and many miners use other power sources, like natural gas, that may otherwise go unused. It further adds that preferring one technology over another, including proof-of-work versus proof-of-stake, can stifle innovation, erode future economic gains, and limit affiliated efficiencies.
In addition to Lummis and Emmer, the lawmakers who signed the letter were all members of the Republican Party. This recent letter’s recommendations completely contrast the April 2022 letter sent to the EPA from a bipartisan group of 22 lawmakers. The previous letter stated that crypto mining is poisoning U.S. communities.
The April letter further claimed that U.S. crypto companies contributed to greenhouse gas emissions and were not operating in accordance with either the Clean Air Act or the Clean Water Act. In May, the Bitcoin Mining Council rubbished the claims as “inaccurate”. The debate around environmental issues raised by crypto mining have existed for several years.
Recently, State of New York passed a bill that would ban PoW(Bitcoin Mining) operations within the state that use carbon-based power sources. Bitcoin mining has been criticized for its environmental footprint, and critics note that it is a wasteful and unsustainable crypto for the universe. Crypto enthusiasts, however, argue that the crypto mining industry is not yet unusually terrible for the environment in comparison to other aspects of life in a modern industrialized society.