• Wyoming Senator Cynthia Lummis is opposed to government regulation of crypto mining in the US.
• A new bill was proposed that would require crypto miners to disclose their energy sources.
• The Bitcoin Mining Council has reported that most bitcoin mining companies in the US use green energy such as hydroelectricity.
Senator Cynthia Lummis Opposes Government Regulation
Wyoming Senator Cynthia Lummis is not happy about the federal government’s plans to regulate crypto mining in the United States. Since entering Congress in early 2021, Senator Lummis has been labeled as a friend to cryptocurrency given her prior investments in bitcoin. To combat this move, she has introduced a new bill that would create rules and regulations for future crypto bills in the US.
Crypto Mining at Center of Controversy
Crypto mining has become a source of controversy as many people believe it is not putting energy to good use and will eventually lead to the end of planet Earth if it isn’t regulated or completely cut out. In response, legislation known as the Crypto Asset Environmental Transparency Act was proposed on the Senate floor which would require all bitcoin miners within the US to disclose their energy sources.
Lummis Argues Against Bill
Senator Lummis argued against this bill claiming it should not be applicable just for cryptocurrency miners but should also apply to other industries like electric vehicle chargers which are a much larger part of an energy division in the US: „If that EV charging station is powered by electricity from natural gas or coal, shouldn’t it also have the same monitoring that is being requested by this bill? Is it Congress‘ job to decide whether an energy use is worthwhile or not?“. She currently has support from organizations like The Bitcoin Mining Council who recently reported that most companies mining crypto in America appear to use green energy such as hydroelectricity.
Bitcoin Mining More Sustainable Than Default Energy Mix
The Bitcoin Mining Council stated: „If you extend the analysis globally using conservative assumptions regarding energy mix, bitcoin mining in aggregate employs an estimated 58.4 percent sustainable energy.“ This percentage is higher than what could be expected with default energies mixes used around the world today.
It remains unclear what will happen when regulation comes into play for cryptocurrency mining but suffice it to say, Senator Cynthia Lummis does not want excessive regulation applied just for crypto miners but instead wants similar standards applied across multiple industries when dealing with energies and transparency requirements