14 U.S. Congress members appeal to EPA citing benefits of Bitcoin mining

Explaining the benefits of crypto mining for the environment, the Congress members stated:

“As you know, a substantial portion of digital asset miners’ energy use is based on renewable sources. Additionally, many miners use other power sources, like natural gas, that may otherwise go unused.”

Moreover, the letter reads that crypto mining can also have “a substantial stabilizing effect on energy grids,” as “it maintains robust baseload levels, yet it can be switched off quickly in times of peak demand.”

Economic benefits of Bitcoin mining

In terms of the country’s economic future, the letter’s signatories stated that the U.S. “must focus on promoting responsible innovation so that our country can compete in a hypercompetitive, globalized economic system.”

To reinforce this argument, they cited Treasury Secretary Janet Yellen who earlier said that regulation needed to be “tech neutral”. In other words:

“Favoring one technology over another, including proof-of-work versus proof-of-stake, can stifle innovation, erode future economic gains, and limit affiliated efficiencies.”

It is worth noting that the PoW cryptocurrencies have been widely criticized due to the high power needed to mine them, as opposed to the Proof-of-Stake (PoS) assets that are considered more environmentally friendly.

Due to the controversy, regulators in certain regions have even proposed bans on the PoW mechanism. A similar ban was recently adopted by the New York State Senate, while it was rejected by the European Union Parliament.