Dorsey, Saylor, Fidelity and others defend environmental impact of bitcoin mining in letter to EPA

Dorsey, Saylor, Fidelity and others defend environmental impact of bitcoin mining in letter to EPA

Some of the biggest names in — including Jack Dorsey, Tom Lee, and Michael Saylor — have banded together to refute claims made by to investigate the environmental effects of crypto mining. Bitcoin operates on a proof-of-work (PoW) mining model, meaning that miners around the world run high-powered computers to simultaneously create new bitcoin and validate transactions. Proof-of-work mining, which requires sophisticated gear and a whole lot of electricity, has virtually become synonymous with bitcoin, though — — still uses this method to secure its network. Rep. Jared Huffman (D-Calif.), along with nearly two dozen House last week asking that the regulatory body ensure mining companies are in compliance with the Clean Air Act and Clean Water Act, citing "serious concerns regarding reports that cryptocurrency facilities across the country are polluting communities and are having an outsized contribution to greenhouse gas emissions." In a rebuttal letter sent to EPA Chief Michael Regan Monday morning, a mix of bitcoin miners and industry experts — as well as firms like Benchmark Capital, Fidelity Investments, and Fortress Investment Group — make the case that House Democrats got a lot wrong in their messaging about the fundamentals of proof-of-work mining. For one, the letter