Reporting Requirements for Crypto Miners in Pennsylvania
The Environmental Resources and Energy Committee of the Pennsylvania General Assembly has passed a bill that proposes reporting requirements for qualifying crypto-asset mining operations. The bill, sponsored by Greg Vitali, does not aim to prohibit cryptocurrency operations but rather requires them to report their activities.
The bill, titled “reporting requirements for qualifying crypto-asset mining operations and for an impact study,” also removes the two-year moratorium on new mining operations from Bill 1476. Despite resistance from Republicans on the committee, the bill was passed and will now move to the full house.
Vitali explained that the purpose of the bill is to gain information about cryptocurrency operations currently taking place in Pennsylvania. Many operations are gravitating towards the state, but there is limited knowledge about their locations and activities.
Details of the Proposed Law
The draft bill requires owners of qualifying crypto-asset mining operations to provide authorities with information such as the number and geographic locations of their operations, details about the mining machines including purchase and retirement dates, and data on electricity consumption and usage.
However, Martin Causer, a Republican representative who opposed the bill, argued that the reporting standards proposed by Vitali are burdensome and unnecessary. He also highlighted how some crypto miners contribute to cleaning up waste coal in Pennsylvania, which he sees as beneficial.
Hot Take: Promoting Transparency in Crypto Mining
The bill passed by the Environmental Resources and Energy Committee in Pennsylvania aims to promote transparency in crypto-asset mining operations. By requiring miners to report their activities and provide key information, authorities can have a better understanding of this growing industry within the state.
While there may be differing opinions on the necessity of these reporting requirements, proponents argue that it is essential for environmental and regulatory purposes. By gathering data on the location, electricity consumption, and other aspects of mining operations, Pennsylvania can ensure that this industry operates responsibly and in accordance with state guidelines.