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Sources: Congress advances hearings to investigate the environmental impact of cryptocurrencies

Sources: Congress advances hearings to investigate the environmental impact of cryptocurrencies

The Oversight and Investigations subcommittee of the House Energy and Commerce Committee carries out preparations for hearings on the environmental impact of cryptocurrencies. That could cause digital money to drop in its value. 

Three sources informed The Block about preparations. According to them, the exact date of the hearing is still unknown, but it may take place at the end of January. Currently, they are collecting documents and preparing a list of witnesses. According to one source, the reason for such an unusual meeting was the recent events in New York State. 

As a reminder, China's ban on mining has caused the main processing facilities to be relocated to the United States. A number of mining farms were deployed in upstate New York, near old power plants. This has caused concern among environmentalists and politicians, who believe that increased demand for electricity will cause higher demand for raw materials for power plants, thereby increasing pressure on the environment.  

It is worth noting that such a hearing could lower the cost of cryptocurrencies mined through mining, primarily Bitcoin. Moreover, it could turn Congress against cryptocurrency, which would affect establishing stricter regulation. In December 2021, there were already hearings with 8 CEOs of major crypto companies. Back then, lawmakers tried to identify the risks and opportunities of the new digital technology.  

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