US Congress to Hold Oversight Hearing on Crypto Mining: Report

Lawmakers will look at mining’s effect on the environment.

AccessTimeIconJan 6, 2022 at 6:43 a.m. UTC
Updated May 11, 2023 at 4:28 p.m. UTC
10 Years of Decentralizing the Future
May 29-31, 2024 - Austin, TexasThe biggest and most established global hub for everything crypto, blockchain and Web3.Register Now

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 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.

Disclosure

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk offers all employees above a certain salary threshold, including journalists, stock options in the Bullish group as part of their compensation.

Eliza Gkritsi

Eliza Gkritsi is a CoinDesk contributor focused on the intersection of crypto and AI.


Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.