US Senators call on OSTP to restrict PoW mining to zero-carbon energy sources
Five US Senators letter Requests the White House Office of Science and Technology Policy (OSTP) to limit the energy use of Proof of Work (PoW) crypto miners.
Senators (Sheldon White House, Elizabeth Warren, Tinas Smith, Jeff Merkley, Ed Marquee) have expressed concern about the environmental impact of PoW mining. According to the letter, the energy-intensive nature of the industry can also upset the United States in achieving its climate goals.
To help bring the country back on track, Senators should create a national registration for PoW crypto miners that will allow the government to request greater transparency and regular disclosure from PoW mining facilities. Proposed.
In addition, the letter proposed the introduction of energy efficiency standards for mining facilities. In doing so, the government can instruct all PoW mining facilities to use new, validated zero-carbon energy sources or renewable energies.
Explaining why OSTP needs to consider the above proposal, Senator said the United States is the largest cryptocurrency mining destination, accounting for about 35% of Bitcoin’s hash rate. ..
According to the letter:
The world’s annual power consumption associated with the mining of the two major cryptocurrencies, Bitcoin and Ethereum, is estimated at approximately 300 terawatt hours, which is comparable to that in the United Kingdom.
Regulation of the PoW mining sector has proven difficult
The news came shortly after New York Mayor Eric Adams said he would demand a veto from Governor Hokul. Assembly bill A7389C.. The bill, sponsored by Congressman Anna Keres, calls for a two-year ban on PoW miners using fossil fuels.
The bill recently passed New York State and is now awaiting Governor Hokul’s signature. However, Hochul is not yet enthusiastic about his allies. According to her, determining the fate of legislation needs to be balanced. Although she understands the need to protect the environment, Hochul also believes that it is important to maintain less active work opportunities.
It’s unclear whether Hochul will sign or reject the bill, but regulating the cryptocurrency industry is still controversial, and lawmakers have expressed mixed views. Earlier this year, the European Union’s ECON Commission voted against a total ban on PoW mining.
In addition, forcing a ban on PoW mining has proven difficult to crack. One example is China, which has banned cryptocurrency mining in the past year. The ban has forced large mining companies abroad, but China accounts for 22.29% of BTC’s hash rate, according to a recent report from the Cambridge Alternative Finance Center (CCAF).
