Biden

Bitcoin

Two blockchain industry groups have called the US Energy Department’s mandatory data collection from crypto mining operators as “politically motivated campaign.” 
Texas Blockchain Council president Lee Bratcher and Chamber of Digital Commerce CEO Perianne Boring presented an industry statement on Tuesday. Per the <a href="https://texasblockchaincouncil.org/blog/tbc-statement-on-eia-and-federal-overreach">release</a>, the two industry leaders alleged that the move would affect all industries that rely on data centres. 
“The EIA’s mandatory emergency survey of electricity consumption data represents the latest in a politically motivated campaign against Bitcoin mining, cryptocurrency, and U.S.-led innovation.” 
The response comes after the U.S. Energy Information Administration’s (EIA) <a href="https://cryptonews.com/news/crypto-mining-energy-consumption-data-survey-us-agency.htm">announced</a> collection of electricity consumption data from identified crypto miners. The move aims to “<a href="https://twitter.com/EIAgov/status/1752740768651866455">better understand energy demands</a>” of US-based crypto miners, the US agency noted early this month. 
<h2 id="eia-s-abuse-of-authority-to-limit-mining-operations">EIA’s ‘Abuse of Authority’ to Limit Mining Operations</h2> 
 Furthermore, the groups claimed that the new White House report “is an abuse of authority” instead of improving electricity infrastructure. The “unprecedented” decision has been taken to target private businesses for political purposes, the statement read. 
“This action is an abuse of authority in order to further the Biden administration’s public goal to limit or eliminate U.S. Bitcoin miners.” 
In response to groups’ claims, EIA told <a href="https://www.bloomberg.com/news/articles/2024-02-07/crypto-is-winning-over-wall-street-big-take-podcast?srnd=cryptocurrencies-v2">Bloomberg</a> that the Departments have been conducting “dozens of surveys” with energy producers. 
“We’re hopeful we can work with companies in the cryptocurrency industry to provide the American public with a clear understanding of energy use.” 
Further, the groups also highlighted Bitcoin miners’ ability to rapidly adjust their data centers’ power usage according to grid conditions. “Their operations are the most flexible and responsive electrical loads in the nation,” the statement read. 
Additionally, the groups also noted that the move as a “attack against legitimate American businesses.” The Biden Administration is making the lives of Bitcoin miners “too difficult” to bear operating in the US, they added.

Blockchain Industry Groups Call EIA’s Moves on Bitcoin Mining as ‘politically Motivated’

Table of Contents

Cryptonews.com

Other articles published on Feb 9, 2024

LTC Price Analysis: Is Litecoin Preparing for a Bounce Above $75?

Bitcoin Price Punches Above $48,000 Amid Strong ETF Inflows, Bullish Seasonality, Fading Miner Se...

OpenAI Achieves $2 Billion Revenue Milestone Amidst Expanding AI Market

How to Buy Ripio Credit Network Coin?

Polygon Connects EVM Chains To Ethereum With “Insanely Efficient” Type 1 Prover Touted As Technol...

Bitget reports a 250% surge in custodial assets

Join our free newsletter for daily crypto updates!