US Congress to Hold Oversight Hearing on Crypto Mining: Report

Bitcoin

The U.S. Congress is preparing an hearing to examine the environmental impact of crypto mining, especially on the Bitcoin network, according to a report from The Block.

  • The date and witness list for the hearing are still undetermined, but it could take place as early as the end of January, The Block /linked/129336/congress-is-preparing-an-oversight-hearing-on-bitcoin-minings-environmental-impact-sources” target=”_blank”>reported on Wednesday, citing sources familiar with the matter.
  • The Oversight and Investigations subcommittee of the House Energy and Commerce Committee is drawing up a list of witnesses. They will be questioned about the energy use of proof-of-work mining, the type of mining used for bitcoin, according to the report.
  • In 2021, as bitcoin’s carbon footprint was taking up headlines, U.S. companies continued to pour millions of dollars into bitcoin mining infrastructure. Chinese miners fleeing a regulatory crackdown also made investments in the U.S., which is now the world’s largest bitcoin miner. Mining firms plan to continue expanding their capacity over the next year.
  • In December, Sen. Elizabeth Warren (D-Mass.) sent a letter to New York-based miner Greenidge’s CEO, expressing concerns about the firm’s environmental impact. That was followed by a New York Times article that relayed concerns surrounding the increased mining in the state.
  • These “recent events in New York state” have raised the alarm over crypto mining with the House Energy and Commerce Committee, a person involved in pre-hearing discussions with the Oversight and Investigations subcommittee told The Block.

Read more: Warren Targets Bitcoin Miner Greenidge’s Environmental Footprint

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