The U.S. Senate yesterday held what lawmakers said was its first-ever hearing on the environmental impact of crypto mining.
U.S. Senators are again taking a closer look at Bitcoin mining.
Senator Ed Markey (D-Massachusetts) chaired a session of the Committee on Environment and Public Works yesterday, focusing on the energy usage of mining.
The mining industry, Markey said, “deserves the spotlight.”
“It has grown explosively in the United States over the past two years. It is extremely energy-intensive. And we’ve seen it harm the general public while enabling the creation of heavily-concentrated wealth in our country,” he said.
He said the full extent of miners’ impact was not known, which is why his bill would require companies to disclose more information about their operations to the environmental regulator.
“We need a federal approach just so we have the information out there as to what the climatic impacts are,” he said in his closing statement.
Senator Pete Ricketts (R-Nebraska) argued that mining is not the only industry that relies on large data server banks, and that Washington D.C. should not be allowed to pick “winners and losers.”
Ricketts’ home state of Nebraska has seen an economic boost from the crypto mining industry, thanks to the state’s low power costs.
Appearing on the expert panel for the hearing, Courtney Dentlinger, vice president of customer service and external Affairs for Nebraska Public Power District, said there had been a positive impact on the local power industry.
Customers who have a steady demand for electricity, such as 24-7 miners, have historically made the most efficient use of electric infrastructure, she said in a testimony submitted ahead of the hearing.
“Moreover, while crypto mining requires a lot of electricity, the load can be very flexible. They often seek interruptible rates and can quickly drop loads, which has proven to be helpful during local storm damage-related events, and even larger-scale grid events,” she said.