The House Financial Services Review group has requested that, before considering environmental laws, the Environmental Protection Agency (EPA) Administrator Michael Regan thoroughly investigate the significant ecological implications of virtual property mining, including potential beneficial uses. Twelve of their coworkers each signed the letter.
Virtual Currencies Are Good, Says U.S. House Committee
The letter is a reply to one that numerous House members sent in April 2022 and omitted or misrepresented a great deal of information concerning mining virtual currencies. The House Financial Services Review panel considers that some facts in the last letter were not fully explored.
It also emphasizes how most virtual currency mining operations use sustainable energy. However, it argues that some mining corporations use additional power sources, such as energy resources that could otherwise go unused.
The committee acknowledges that the potential impact of digital currencies on U.S. economic strength is favorable.
What effects will it have on the environment?
The House committee claims that BTC mining releases flaring gases, lowering methane gas emissions in areas like Texas, Colorado, Ohio, West Virginia, New Mexico, and North Dakota. The representatives likewise think that virtual mining resources can stabilize electrical grids. During times of strong demand, it can be quickly shut off.
The Republican officials who signed the letter were Senators Bill Hagerty, Kevin Cramer, and Steve Daines. Regan, Pete Sessions, Bill Posey, Bill Huizenga, Andy Barr, Anthony Gonzales, Brian Steil, William Timmons, and Ralph Norman were also permitted the letter to the EPA director by House Representative Patrick McHenry.
In contrast to a letter sent to the EPA in April by 22 members of both parties, the Republicans’ appealed to Regan. They said that US-based cryptocurrency enterprises that violate the Clean Air Act and the Clean Water Act and that they produce greenhouse gas emissions as “factors increase the danger.”
The April letter to Regan illustrated the notion that environmental hazards resulting from cryptocurrency mining.
In response to the April letter, the Bitcoin extraction Council sent its own in May, alleging that many of the legislators’ claims regarding mining were untrue. Later, some environmental groups, including Greenpeace and the Sierra Club, pressured government agencies under the Biden administration to implement novel methods for bitcoin extraction.