US loses cryptocurrency revenue, according to federal gas-watchdog report | – #loses #cryptocurrency #revenue #federal #gaswatchdog #report
March 1 (Reuters) – According to a government watchdog report published on Wednesday, USASome oil and gas working on public lands gas drillers channel natural gas into cryptocurrency mining operations without paying federal royalties.
The Interior Department’s Office of Inspector General has recommended that the agency that oversees 420 million acres of federal land be given guidance to address the rise of an industry that can operate undetected across its vast territory.
Mining cryptocurrency requires large amounts of electricity to power computers that compete to solve mathematical puzzles to confirm transactions.
The process has drawn criticism from environmentalists and governments, who worry it is too dependent on climate-warming fossil fuels to generate electricity.
The IG said in its report that the cryptocurrency units in Colorado were located on or near federal land leased for oil and gas development, diverting gas from those leases.
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Mobile units are the federal government responsible for overseeing large tracts of public land, the report said officers may remain undetected for a long time.
“These activities generate revenue for private companies that use federally owned gas, sometimes without the lessee paying mineral royalties,” the report said.
The issue is Colorado Oil and Gas It was raised by the Securities and Exchange Commission and told the IG that cryptocurrency transactions could pose environmental, health and safety risks and could be insured against accidents.
In its response to the IG, Interior said it would take steps to educate employees about the threats outlined in the report and work with agency officials to discuss how guidelines could be developed for the department.
According to the Bureau of Land Management, since August of last year, oil and gas the royalty rate for new leases is 16.67% and for old leases is 12.5%. According to federal data, the Department of the Interior last year from onshore natural gas royalties 1.7 billion earned more than USD.
Reporting by Nichola Groom; Edited by Leslie Adler
Our standards: Thomson Reuters Trust Principles.
2023-03-03 06:02:21
Source – reuters
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