John,
As cryptocurrency becomes more popular and the industry
grows, we’re discovering that certain crypto technology can have
a massive negative impact on the environment.
“Proof of work” platforms like Bitcoin are the worst
offenders. They require so much computing power to “mine”
virtual currency and validate transitions that Bitcoin alone
consumes more energy than entire nations like Greece and
Thailand. The lucrative race to beat other crypto “miners”
incentivizes massive data centers that burn through computing
equipment at an alarming rate, generating huge amounts of
electronic waste. Some of these facilities are also harming
communities by impacting air and water quality, and by noise
pollution.
President Biden was right to order a sweeping review of
the federal government’s approach to cryptocurrencies, but we
must scrutinize more than just the impacts on consumers and the
financial sector. The Environmental Protection Agency must also
ensure that this rapidly growing industry is accountable for its
climate impacts and isn’t violating critical laws like the Clean
Air Act and the Clean Water Act.
Will you join me in urging the EPA to investigate the
practices of this burgeoning industry to ensure that our
environment is protected from dangerous impacts? Please sign our
petition right away!
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My Democratic colleagues and I sent a letter to the head
of the EPA expressing deep concern that cryptocurrency facilities
are making an outsized contribution to greenhouse gas emissions.
Bitcoin mining has already prevented the retirement of several
fossil fuel power plants, and has caused some closed gas and coal
facilities to reopen. This is unacceptable if we are serious
about fighting the climate crisis.
Researchers say a single Bitcoin transaction could power
an average U.S. household for a month. And there are
approximately 270,000 Bitcoin transactions every day – a number
that is projected to grow significantly. In a few short years,
we’ve seen Bitcoin go from a novelty to a major industry where
speculators and “miners” are raking in billions while the
government does nothing to protect consumers and the environment
from the risks of this mushrooming industry.
Meanwhile, there is alternative cryptocurrency
technology called “proof of stake” that requires 99% less energy
than “proof of work” platforms like Bitcoin. Some investors and
crypto entrepreneurs are figuring out that the massive negative
impacts of “proof of work” are unsustainable and can be avoided
with “proof of stake” technology.
Now is the time for the EPA to increase oversight to
make sure industries like Bitcoin don’t have a free pass to
frustrate our climate goals, poison communities and leave us with
the toxic burden of their electronic waste. Can you help us do
that by making your voice heard right now?
Click here to add your name to our petition and demand
immediate action on this issue. It’s time to enact some common
sense rules, standards and safeguards for one of the fastest
growing industries in the world. Our communities and our planet
deserve it. ( [link removed] )
Thanks,
Jared
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Congressman Jared Huffman represents California's 2nd
District, which spans from the Golden Gate Bridge north to the
Oregon border. As a Democratic leader, Jared is committed to
protecting our environment, fighting for access to affordable
healthcare and equality for all Americans. Click here
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to support Jared's campaign with a contribution today, or sign
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contribution.
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