Bitcoin Miners Need To Declare Their Energy Consumption

On Thursday, US Senator Edward J. Markey and Representative Jared Huffman mentioned the launch of the Crypto-Asset Environmental Transparency Act. According to this act, crypto miners are obligated to disclose the carbon-dioxide emission rate, especially if they are using more than 5 MW of electricity. This means almost every Bitcoin miner would have to do it. 

This information would be accessible to the public, which might highlight the industry’s negative impact on the environment. The US Environmental Protection Agency would look into the reports and analyze the impact these mining activities may have on the power grid and the environment.  

Ethereum and Cardano are taking less energy as they are built on the POS (proof of stake) algorithm, unlike Bitcoin which is based on the POW (proof of work) environment.