Bitcoin

Steve

The U.S. Energy Information Administration (EIA) is preparing to survey <a href="https://ultramining.com/news/en/cryptocurrency-miners-strike-gold-with-record-13-9b-net-profit/" rel="noopener noreferrer nofollow">cryptocurrency miners</a> about their energy use. This follows a contentious initial attempt that was met with legal challenges from the Texas Blockchain Council. The EIA aims to publish a notice in the Federal Register this quarter to seek comments on the proposed data collection, according to <a href="https://www.utilitydive.com/news/federal-government-prepares-second-attempt-to-survey-bitcoin-miners-energy-se/721063/" rel="noopener noreferrer nofollow">Utilitydive</a>.
In February, the EIA began collecting data on cryptocurrency energy use under an emergency authorization. The Texas Blockchain Council filed a lawsuit against the EIA, arguing that the expedited survey bypassed a necessary comment period and targeted proprietary data. Consequently, the EIA withdrew the survey and agreed to destroy the collected data.
EIA's early estimates suggest that cryptocurrency mining consumes between 0.6% and 2.3% of the total U.S. <a href="https://ultramining.com/news/en/minnesota-man-faces-accusations-of-electricity-theft-for-bitcoin-mining/" rel="noopener noreferrer nofollow">electricity</a> consumption. Steve Harvey, a senior advisor to the EIA administrator, emphasized the importance of understanding this significant energy usage.
During a recent discussion billed as a "listening session," the crypto industry expressed concerns about the data collection. Tom Mapes, founder and president of the Digital Energy Council, mentioned fears that the collected data could be "weaponized." Margot Paez, a doctoral student at Georgia Institute of Technology and a research fellow at the Bitcoin Policy Institute, suggested that the survey be conducted by a university-led initiative for better industry buy-in.
Lee Bratcher, president of the Texas Blockchain Council, stated that more information sharing could highlight the benefits of cryptocurrency mining, such as incentivizing renewable generation and stabilizing the grid. Mapes also noted the industry's potential for demand response flexibility.
The EIA is moving towards a more transparent process and plans to collect public comments on the new survey proposal. The agency is keen to ensure that the data collection addresses the industry's concerns and contributes to a better understanding of cryptocurrency mining's impact on the energy grid.

EIA Plans Second Attempt to Survey Bitcoin Miners About Electricity Consumption

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