How much electricity is being spent in crypto mining? US lawmakers wrote letters to companies.
How much electricity is being spent in crypto mining? US lawmakers wrote letters to companies
MPs have sent letters to 6 companies. All of them do bitcoin mining in America.
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Many countries are troubled due to the electricity being spent in crypto mining.
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There people are facing power crisis.
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Green house gases are also emitted in crypto mining
Cryptocurrency mining consumes a lot of electricity. Due to this many countries are facing power crisis and the people there are facing huge power cuts. Now eight US lawmakers have asked bitcoin mining companies to disclose how much electricity they use for this work. MPs have sent letters to 6 companies. All of them do bitcoin mining in America. Companies have been asked how much electricity they use. Where does that electricity come from and what are the companies planning to increase it.
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The letter states that there are concerns about the world’s environment, local ecosystem and consumer electricity costs due to the high energy and carbon emissions used in bitcoin mining.
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On this letter Senators Elizabeth Warren (D-MA), Sheldon Whitehouse (D-RI), Jeff Merkle (D-OR), Margaret Hassan (D-NH), Ed Markey (D-MA) Katie Porter (D-CA) , Rashida Tlaib (D-MI), and Jared Huffman (D-CA). The letters were sent amid a hearing by the House Energy and Commerce Committee on the impact of crypto mining on energy.
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According to the Swedish Financial Supervisory Authority and the Swedish Environmental Protection Agency, the goal of limiting global warming to 1.5 °C due to cryptocurrency mining is under threat. The most common method of manufacturing crypto-assets requires a large amount of electricity, which leads to significant CO2 emissions.
According to Eric Theedin, director of the Swedish Financial Supervisory Authority, cryptocurrency assets have a negative impact on the weather, as their creation emits a lot of greenhouse gases. This is worrying and there is a need to regulate crypto-assets.
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The University of Cambridge and Digiconomist estimate that the two largest crypto-assets – Bitcoin and Ethereum – together use almost twice as much electricity in a year as the whole of Sweden. It is estimated that crypto-assets release 120 million tonnes of CO2 into the atmosphere every year according to their current market value, due to which there is a significant impact on the environment. This has worried environmentalists around the world.
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