US lawmakers recommend maintaining PoW cryptocurrency mining for the benefit of US economic development.
Mining of cryptocurrencies based on proof of work (PoW) is receiving support from a group of lawmakers, led by Senator Cynthia Lummis, who are seeking to ensure that crypto mining activity continues its course in the country, to ensure the economic and technological development of the United States in the future.
As New York State considers a two-year ban on PoW cryptocurrency mining due to its potential environmental impact, this group of lawmakers is defending the potential of crypto assets to maintain the United States' lead as the world's leading power.
Lawmakers urge EPA to assess environmental impact of cryptocurrencies
The group of lawmakers has sent a letter to the EPA, the US Environmental Protection Agency, urging it to conduct a thorough analysis of the potential environmental impact and economic benefits of mining PoW cryptocurrencies.
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Despite the repeated attacks that cryptocurrency mining like Bitcoin receives, due to its energy consumption, Lawmakers argue that crypto assets are essential to ensuring economic future the country.
Cryptocurrencies have created new opportunities for Americans and fostered financial inclusion. In addition, are contributing to other industries, such as oil and gas, achieve a positive environmental impact through crypto mining, the legislators indicated.
The letter, shared by crypto analyst and CEO of Satoshi Act Fund Dennis Porter, was signed by senators Cynthia lummis, Bill Hagerty, Kevin Cramer y Steve Daines, members of the U.S. Senate Banking Committee and by lawmakers Patrick McHenry, Pete Sessions, Bill Posey, Bill Huizenga, Tom Emmer, anthony gonzalez, William Timmons, Andy Barr, Bryan Steil y Ralph Norman, members of the country's House Financial Services Committee.
Cryptocurrency mining helps reduce gas emissions from the oil industry
In reference to the environmental concerns of PoW cryptocurrency mining, the legislators recall that much of this activity in the country is sustained with renewable energy sources. In addition, they detail that Many cryptocurrency miners are using energy sources wasted by other industries, like gas.
The lawmakers' letter says that Wyoming-based JAI Energy is one such company.
JAI Energy works with oil and gas producers to use associated gas to generate energy and fuel their operations. crypto mining. In this way, it reduces gas emissions into the environment and helps the oil industry achieve a positive environmental impact. All this through Bitcoin mining.
Other states, including Texas, New Mexico, Colorado, Virginia, Ohio and North Dakota, are also pursuing efforts to reduce greenhouse gas emissions through cryptocurrencies.
Other initiatives, such as that of Stronghold Digital Mining In Pennsylvania, they use coal accumulations to generate alternative energy and mine cryptocurrencies in a responsible and environmentally friendly way.
“This private sector-led advance is an important tool for a lower-emissions future.”
According to the Centre for Alternative Finance at the University of Cambridge, the energy power that would be produced by all the associated gas wasted by the oil industry worldwide would be enough to power the Bitcoin network for a few 4,8 times.
Crypto miners bring stability to power grids
On the other hand, in the letter, the legislators also highlight the capacity of cryptocurrency miners as stabilizers of power grids. Crypto miners are helping to maintain a solid level of load on power grids and can be disconnected in seconds during times of high demand and stress.
In the state of Texas, this is precisely what has been happening with cryptocurrency mining.
In February of this year, cryptocurrency miners voluntarily disconnected from the state's power grid In the midst of winter storm Landon, to ensure the supply of energy to citizens and their homes. They have been doing the same for a few weeks now, amid the heatwave that has hit the state and has raised the temperature above 40 degrees Celsius, according to reports.
Because of this stabilizing potential, Senator Ted Cruz and Congressman Pete Sessions also support the idea that cryptocurrencies and their mining activity can significantly contribute to the country's energy independence.
Continue reading: How Bitcoin Mining Can Help Energy Independence
