Pennsylvania Representative Removes Crypto Mining Ban from Energy Bill
A Pennsylvania House Representative has decided to remove a proposed two-year ban on crypto mining from a bill aimed at regulating the industry’s energy consumption. The Pennsylvania House Environmental Resources and Energy Committee approved the Cryptocurrency Energy Conservation Act by a narrow margin of 13 votes in favor and 12 against. The bill had been stagnant since its introduction to the Committee on June 21.
Pressure From Democratic Party Leaders Prompts the Removal
Democratic Representative Greg Vitali, the Committee’s chair and the bill’s sponsor, stated that he faced pressure from Democratic Party leaders to remove the moratorium. He attributed this influence to building trade labor unions, which consistently opposed environmental policies and had significant sway over his Democratic colleagues. Fearing a risk to the Democratic majority in Pennsylvania’s House, Vitali made the decision to pass the bill without the moratorium.
Vitali acknowledged that strong environmental policies faced limited support, but passing the bill without the ban was seen as better than not passing it at all. The revised bill now requires an impact study on miner operations and imposes new reporting requirements.
Crypto Miners Are Seeking Alternative Energy Sources
This move comes at a time when crypto miners are actively seeking alternative energy sources to reduce costs. Stronghold Digital Mining, for example, has acquired two coal-burning power plants in Pennsylvania with the intention of utilizing plant waste to power their Bitcoin mining rigs. TeraWulf operates a nuclear-powered site in Pennsylvania.
Miners within the state must now submit information on their mining sites, energy sources, emissions reports, and energy and water consumption. Pennsylvania-based miners will be obligated to submit these reports annually, while new miners must do so prior to commencing operations.
Hot Take: Pennsylvania Representative Removes Crypto Mining Ban from Energy Bill
A Pennsylvania House Representative has removed a proposed two-year ban on crypto mining from a bill aimed at regulating the industry’s energy consumption. This decision was made due to pressure from Democratic Party leaders and building trade labor unions, which opposed environmental policies. Although disappointing, passing the bill without the ban was seen as better than not passing it at all.
Crypto miners in Pennsylvania are now required to submit reports on their operations and energy consumption. This move comes at a time when miners are actively seeking alternative energy sources to reduce costs and promote sustainability.
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