Market Analysis Report (03 May 2022)

Over 50 of bitcoin’s biggest advocates have signed a letter addressed to the Environmental Protection Agency (EPA) defending BTC mining and pushing back recent claims made by a group of U.S. House Democrats.

Last week, 20 House representatives co-signed a letter to EPA administrator Michael Regan calling for an investigation into the potential negative consequences of BTC mining, referencing electronic waste from hardware replacement, greenhouse gas emissions, and the reopening of former gas and coal plants.

MicroStrategy CEO Michael Saylor revealed the response to the letter on social media after organizing it with the help of the Bitcoin Mining Council, a coalition of mining and mining-adjacent firms.

The group’s letter said the Representatives’ letter is “premised on several misperceptions about Bitcoin and digital assets mining,” and adds that its backers agree that “by embracing the Bitcoin Network and bitcoin mining, the United States of America will be more innovative, economically resilient, and ultimately stronger into the future.”

Signatories include Block CEO Jack Dorsey, Galaxy Digital’s Michael Novogratz, SkyBridge’s Anthony Scaramucci, Fidelity’s Tom Jessop, Benchmark Capital’s Peter Fenton, and more.