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!

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.

Thanks,

Jared

 

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 to support Jared's campaign with a contribution today, or sign on to become a sustaining supporter by making a monthly contribution.