Key Points
- The US Energy Information Administration (EIA) to monitor and collect electricity consumption data from crypto-mining companies.
- This move follows an emergency data collection request approved by the Office of Management and Budget on Jan. 26.
- Democratic legislators advocate for transparency, urging crypto mining firms to disclose their energy consumption.
The United States is intensifying efforts to regulate the energy consumption of crypto-mining companies, with the Energy Information Administration (EIA) announcing plans to collect electricity consumption data from identified US-based crypto miners. This initiative, set to commence next week, is in response to growing concerns about the substantial energy usage associated with crypto mining.
The EIA will require identified commercial crypto miners to furnish detailed information regarding their energy consumption. This strategic move is part of a broader attempt to address the environmental impact of crypto mining and its implications for global carbon reduction and climate change efforts.
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US Government Takes Action
The announcement from the EIA comes after an emergency data collection request received approval from the Office of Management and Budget on January 26. The agency aims to closely monitor shifts in energy demand attributed to crypto mining activities.
EIA Administrator Joe DeCarolis emphasized the agency's commitment to analyzing and reporting on the energy implications of cryptocurrency mining in the United States. The goal is to quantify the sources of electricity used by crypto mining operations and provide valuable insights into their energy consumption patterns.
Legislators Advocate Transparency
Several Democratic legislators have been vocal about the need for transparency in the crypto mining sector. They have urged major crypto mining firms in the US to disclose their annual energy consumption. Last year, a group of legislators, including Elizabeth Warren, called on the US Environmental Protection Agency to enforce policies compelling crypto-mining operations to report their energy usage.
Internationally, the European Union has also expressed concerns about the environmental impact of Bitcoin mining and similar proof-of-work blockchain protocols. A recent EU draft assessment hinted at the potential banning of Bitcoin and its mining operations in the region due to their environmentally harmful high energy demands.
For more information on related topics, consider exploring: APRNEWS/CRYPTO
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