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.
- 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.
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.
Learn more about Consensus 2023, 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.