Congress prepares review hearing on environmental impact of Bitcoin mining: sources

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A congressional subcommittee is preparing a hearing to examine the environmental impact of cryptocurrencies, particularly bitcoin mining, three sources with knowledge of the matter told The Block.

The House Energy and Commerce Committee’s Oversight and Investigations subcommittee is apparently working on a witness list to explain the power consumption of the proof-of-work crypto validation, specifically the network Bitcoin.

The schedule and list of witnesses are yet to be determined, but the hearing could take place as early as the end of the month. A source involved in pre-hearing discussions with the subcommittee told The Block that the committee as a whole has become particularly concerned in light of recent events in New York state.

As bitcoin mining left China earlier this year, the United States has become the network’s largest source of hashrate in the world. A number of mining operations have moved into old power plants in upstate New York, which has attracted more media and politician attention than simultaneous surges in states like Texas. and Wyoming.

In October, more than 70 environmental groups wrote to House and Senate leaders asking for oversight. And in early December, Senator Elizabeth Warren wrote to Greenidge, the most well-known mining operation in New York’s controversy, asking them to report on their practices. Days later, The New York Times published a report criticizing the state’s mining boom. State lawmaker Anna Kelles has sounded the alarm bells on these environmental concerns since the start of this year.

Oversight subcommittee staff did not respond to requests for comment to confirm or deny preparations for the hearing.

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