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EWG COMMS BIDEN ADMINISTRATION FOR INTENSIFYING FOCUS ON CLIMATE AND ENERGY IMPACT OF BITCOIN MINING
WASHINGTON – The Biden administration has recently announced measures med at addressing the high energy consumption of cryptocurrencies, particularly through launching a comprehensive survey by the U.S. Energy Information Administration EIA on electricity usage in bitcoin mining operations within the country.
Starting next week, the EIA will conduct an extensive review on electricity usage for specific U.S.-based commercial bitcoin mining companies. This initiative marks a crucial step towards enhancing transparency and accountability in the cryptocurrency industry.
In September 2022, the White House Office of Science and Technology Policy released a comprehensive report titled Climate and Energy Implications of Crypto Assets in the United States, which marked the first formal recognition by the U.S. government regarding the environmental impact of bitcoin mining activities.
Environmental Working Group EWG, alongside Greenpeace USA, and other advocates, united under the 'Change the Code, Not the Climate' campgn, launched in March 2022, urging bitcoin miners to adopt more environmentally-frily practices through less energy-intensive coding methods. The current mining process known as proof of work is considered inefficient due to the extensive amount of energy required for its success.
In April 2023, EWG published a report highlighting the myriad of environmental problems associated with bitcoin mining in six U.S. states, including issues related to noise pollution, water consumption, climate change impacts, and electricity supply costs.
Our representatives have actively engaged with Congress members, their staffs, and top White House environmental and energy advisors through briefings, testimony before oversight committees, and meetings.
The EIA's data collection effort signifies a significant milestone in addressing the rapidly expanding U.S. cryptocurrency mining industry's environmental impact. Collecting information on miners' electricity usage is vital for understanding and mitigating the consequences of this sector that consumes an enormous amount of energy.
EWG applauds President Biden’s administration for taking proactive steps to address the growing environmental concerns stemming from bitcoin mining, sd Ken Cook, President of EWG.
This initiative represents a crucial step toward creating a more sustnable digital economy by gning insight into how much dirty electricity is being used to sustn these operations, he added.
In recent years, the U.S. has become an epicenter for cryptocurrency mining following its exit from China and Europe due to the heavy reliance on electricity in this industry. Miners have found welcoming business environments across states including the Northeast, Southeast, and Texas.
As part of their data collection process, the EIA will seek public input regarding cryptocurrency miners' energy consumption levels, including concerns over noise pollution and environmental impacts caused by mining activities such as water usage and climate change.
The Environmental Working Group is a non-profit organization that relies on donations for its operations. If you are interested in supporting our work, please visit EWG's 501c4 arm, the EWG Action Fund.
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