Government officials worldwide, and those in America, have expressed concern about the environmental effect of crypto mining. Recently, several lawmakers sent a letter on the subject to the nation’s environmental agency to look into the issue.
A team of 23 United States lawmakers, led by Jared Huffman, has requested that the United States Environmental Protection Agency (EPA) investigate whether cryptocurrency mining firms are complying with the nation’s environmental laws.
Their “genuine concerns” were expressed in a letter addressed to EPA Manager Michael Regan on the 20th of April. Among their concerns was the possibility that cryptocurrency mining firms in the United States were operating in violation of environmental laws like the Clean Water Act.
Crypto Mining Becoming A Source Of Concern
Efforts are presently ongoing to fuel the Bitcoin sector to reopen shuttered coal and gas plants, which would jeopardize our attempts to tackle the climate problem. Although some operations claim to be “cleaner” by generating electricity from coal waste, coal-fired power stations continue to spew harmful air emissions and leach poisonous substances into our rivers.
The signatories of the letter, among whom are liberal lawmaker, Alexandria Ocasio-Cortez, think that the following steps must be taken to remedy this perceived problem:
“In order to guarantee that the fast increasing cryptocurrency sector functions in a stable and fair way in order to safeguard communities, it is essential that it is held responsible.”
Therefore, the group stated that;
“We suggest that the EPA investigate the conformity of PoW mining operations with environmental legislation and communicate with the community while considering licenses. In addition, we request that EPA examine and rectify any damage that these current PoW operations are inflicting on communities ensuring that technological waste is disposed of appropriately and noise is mitigated.”
PoW And PoS
In other parts of the globe, authorities are beginning to pay greater attention to the possible environmental effect of PoW mining and are exploring the implementation of the PoS mechanism in its place. Cryptocurrencies like BTC, ZEC, and ETH use the proof of work algorithm.
Less power-intensive crypto mining methods, such as Proof-of-Stake, are now available, and they need 99.99% less energy to verify transactions than traditional crypto mining algorithms, such as Proof-of-Work.
Finbold published a report in March on a proposed ban by the European Union Parliament that would require cryptocurrency exchanges that use PoW techniques to switch to more sustainable methods, like PoS. The members, on the other hand, did not vote in support. Several networks are putting out significant effort to make the transition from PoW to PoS. For example, Ether has announced its Merge upgrade, which would enable it to formally switch over to the Proof of Stake (PoS) method.