Vinkmag ad

Bitcoin miners rebut claims made by US Democratic legislators to EPA administrator

Vinkmag ad

The Bitcoin Mining Council (BMC) responded to a letter despatched to the United States Environmental Protection Agency (EPA) administrator Michael Regan by Democratic legislators final month with a letter of its personal looking for to rectify inaccuracies about Bitcoin (BTC) mining and its environmental affect. 

Penned by MicroStrategy CEO Michael Saylor, Castle Island Ventures accomplice Nic Carter and Darin Feinstein of Core Scientific, the BMC letter, which has over 50 signers, highlights alleged misconceptions within the doc despatched to Regan. In specific, the authors mentioned that the unique letter, which was signed by Democratic Representative Jared Huffman and 22 members of Congress, “confuses datacenters with power generation facilities,” amongst different inaccuracies.

The Democrats’ letter urges the EPA to make sure that digital asset miners adjust to the “foundational environmental statutes like the Clean Air Act or the Clean Water Act” and goes on to air a number of considerations associated to cryptocurrency mining, equivalent to digital waste and noise air pollution. The BMC letter seizes on eight factors and rebuts them at size.

According to the trade group, the unique letter’s assertion that Bitcoin mining services throughout the nation are “polluting communities” is inaccurate. According to BMC, Bitcoin mining services produce no air pollution, relatively energy producing services do. The failure to make that distinction comes up greater than as soon as. The authors additionally debunk what they see as outright misinformation, equivalent to “A single Bitcoin transaction could power the average U.S. household for a month.”

However, BMC might have revealed its personal prejudices in its response to the declare that proof-of-stake (PoS) processing is much less energy-intensive. After holding PoS to a number of criticisms, the trade group states the next: 

“Given that proof-of-stake and proof-of-work are qualitatively different, it’s misleading to refer to proof-of-stake as a more “efficient” form of proof-ofwork, since it does not achieve the same thing.” 

The letter additionally factors out that many miners have interaction in high-performance computing, which has many helpful purposes past Bitcoin and digital belongings. 

BMC is an trade affiliation open to all Bitcoin miners. It originated from a gathering of North American Bitcoin miners initiated by Michael Saylor in May 2021. Currently, the group has 44 “advisory members.” It has additionally printed a number of reviews on the environmental affect of Bitcoin mining and proof-of-work extra usually. Some of the findings in its reviews have been disputed.

Related: Go inexperienced or go residence? What the NY State mining moratorium may imply for crypto trade

The BMC letter was signed by a number of the crypto trade’s most outstanding names and supporters, together with Block Inc.’s Jack Dorsey, Fidelity Investments senior vice chairman Tom Jessop, Fordham Law School professor Donna Redel, Grayscale Investments CEO Michael Sonnenshein and SkyBridge Capital founder Anthony Scaramucci.