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Market News

Environmental Groups Urge US Govt to Tighten Bitcoin Mining Regulations

The groups asked for a series of policies that will combat the climate crisis and address the detrimental impacts of digital currency on electricity and climate pollution.

Written By Rupal Sharma
Published 2022-05-11
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Environmental Groups Urge US Govt to Tighten Bitcoin Mining Regulations

A group of national and local non-governmental organizations (NGOs) is urging the Biden administration and U.S. state authorities to tighten the Bitcoin mining regulations. 

These environmental groups are calling on the US government to curb the impact of bitcoin (BTC) mining on local communities and ecosystems.

In a letter to the White House on Tuesday, the groups asked for a series of policies that will combat the climate crisis and address the detrimental impacts of digital currency on electricity and climate pollution. 

The letter mentioned the adverse effects on communities hosting bitcoin miners including environmental degradation, electricity price hikes, noise pollution, and hogging renewable energy resources.

The Environmental Working Group, Earthjustice, the League of Conservation Voters, Greenpeace, the Sierra Club, the Seneca Lake Guardian, Friends of the Earth, and the Milwaukee Riverkeeper urged the White House to enact the policies.

The organizations alleged that proof-of-work (PoW) crypto mining in the United States harmed communities by creating increasing demand for electricity sourced from fossil fuels. 

Furthermore, the letter stated that crypto mining directly threatens supply chains by increasing demand for application-specific integrated circuit rigs, resulting in significant electronic waste and hindering the transition to renewable energy.

The group of eight also proposed the Environmental Protection Agency (EPA) to implement stringent reviews on proof-of-work (PoW) mining operations. Additionally, they also requested the Office of Management and Budget to create a registry of PoW miners to improve the industry’s transparency. 

Along with that, the organizations appealed to the Department of Energy to institute energy efficiency standards for PoW operations and how to implement power density limits. 

All these steps are directed to mitigate the harms of crypto mining e-waste disposal in large quantities. Also, to address claims of noise pollution allegedly caused by mining rigs.

This is not the first time when these environmental groups came forward to address the issue. Last month, the Campaign entitled “Change the Code Not the Climate”, backed by the Environmental Working Group, Greenpeace USA, and several groups with the CEO and co-founder of Ripple requested to change the Bitcoin code to reduce energy usage for Bitcoin mining. 

Disclaimer: The information researched and reported by The Crypto Times is for informational purposes only and is not a substitute for professional financial advice. Investing in crypto assets involves significant risk due to market volatility. Always Do Your Own Research (DYOR) and consult with a qualified Financial Advisor before making any investment decisions.

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