Senator Elizabeth Warren and others are recommending regulations for crypto-mining operations as carbon emissions and consumer electricity bills soar in the US.
“the impacts of your facilities on energy costs to local families and businesses,” but none could describe any existing estimates or models that tracked those impacts. Those who engaged with the question said this was because they didn't expect to have a noticeable effect on costs of consumer energy bills.
Bit Digital's chief strategy officer, Samir V. Tabar, criticized the letter from Warren, et al. for being “silent on” data provided that shows how the crypto-mining firm stokes job creation “in dilapidated economies while utilizing unwanted power infrastructure.” Tabar says that Bit Digital is “happy to help shape the industry by being leaders in using sustainable sources of power,” and the firm was “hoping the Senator would see our efforts there.
Because data is so underreported, it remains difficult to forecast how local residents and businesses will be impacted by projected growth of these firms. Some firms said that because of commitments by crypto-mining firms to shift to renewable energy sources, things could change so fast that any existing data cannot be reliably used to forecast how US citizens will be impacted.
The congressmembers believe that requiring reporting is the answer. They're especially concerned about residents and businesses in states like Texas, where “relatively cheap electricity costs” are attracting “an influx of crypto-mining companies,” which could potentially “add to the stress on the state's power grid.”Warren, et al.
In their responses, crypto-mining firms pushed back against environmental complaints by pointing out that their goal is to spend as little money as possible on power, and thus, the biggest firms are highly motivated to switch to renewable energy sources.
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