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Crypto-Asset Environmental Transparency Act of 2023

Source: Congress.gov  ·  2,201 words in original text
This bill requires the Environmental Protection Agency to create new rules so crypto-asset mining operations report their greenhouse gas emissions (gases that trap heat in the atmosphere). It also orders a study on how crypto-asset mining affects the environment and energy use across the United States.
Crypto-asset mining operations (businesses that use computers to create digital currency like bitcoin) that use at least 5 megawatts of electrical power. The Environmental Protection Agency, Department of Energy, and Congress are also affected by the new reporting and study requirements.
• The EPA must propose new regulations within one year requiring large crypto-asset mining operations to report their direct and indirect greenhouse gas emissions (Sec. 3(a)(1)). • The EPA must finalize those regulations within 180 days after the public comment period ends (Sec. 3(a)(2)). • Within one year after the regulations are finalized, the EPA must assess whether crypto-asset mining operations are operating without required air quality permits (Sec. 3(b)). • The EPA must conduct a comprehensive study on crypto-asset mining's environmental impacts, including greenhouse gas emissions, air pollutants, water use, and effects on communities, and submit the results to Congress within 18 months (Sec. 4(a) and 4(d)). • Crypto-asset mining facilities are added to a federal law about data center energy efficiency (Sec. 5).
If this bill becomes law, large crypto-asset mining operations must begin tracking and reporting their greenhouse gas emissions to the EPA. The EPA gains new authority to monitor these operations for compliance with air quality laws. Federal agencies must study and document the environmental effects of crypto-asset mining nationwide.
**Crypto-asset mining**: The process of performing computer calculations to add new verified data to a blockchain (a digital record system) in exchange for a reward. **Qualifying crypto-asset mining operation**: A single facility using at least 5 megawatts of electrical power or multiple facilities owned by the same company that together use at least 5 megawatts. **Scope 1 emissions**: Greenhouse gases released directly from sources owned or controlled by the mining operation. **Scope 2 emissions**: Greenhouse gases created indirectly when the operation buys electricity, steam, heat, or cooling from elsewhere. **Blockchain**: A system where data is shared across a computer network, creating a digital record of verified transactions linked using encryption (a security method) to protect the information. **Consensus mechanism**: A process used by network computers to agree on the current state of a blockchain.
Important: This plain English summary was generated by AI and is provided for informational purposes only. It is not legal advice. Always consult the official bill text on Congress.gov or a qualified attorney for legal matters.