Democrat lawmakers are forcing crypto mining companies on the use of force

A group of Democratic lawmakers led by Senator Elizabeth Warren of Massachuttes asked six crypto mining companies, including Riot Blockchain, to answer questions about how their operations affect the environment and the cost of electricity in the US. In contrast for the general management of each company, the team asks companies to report the amount of electricity they spend, their additional plans and any agreements they have with local operating companies. He has until February 10 to respond.

Legislators say they are concerned about what the huge increase in cryptocurrency mining means for the environment as well as consumers. In particular, he cites a 2021 survey from that approximately crypto mines in upstate New York raised annual electricity bills of nearly $ 165 million for small businesses and $ 79 million for consumers, “with no local economic benefits.” He also says that the use of Bitcoin mining-related power will triple between 2019 and 2021.

“Excessive power consumption and emissions associated with Bitcoin mining could undermine our resilience to tackle the climate crisis – not to mention the challenges facing crypto mines at local prices and electricity prices,” said Senator Warren. “We want more information on how these crypto mining companies work to understand the magnitude of the impact on our environment and our communities.”

The group goes on to say that cryptocurrencies may be closer to the business, but clearly how cryptocurrency currencies affect other financial sectors and what policymakers think. On January 20, the House Energy and Commerce Committee held a meeting called “. ” In addition, US regulators have become increasingly interested in cryptocurrencies in recent months. This was highlighted in December when the Senate convened a debate .