Biden

Bitcoin

In a striking development that challenges both the cryptocurrency sector and energy companies, Brian Morgenstern, Head of Public Policy at <a href="https://ultramining.com/news/en/riot-platforms-to-boost-efficiency-with-midas-immersion-coolings/">Riot</a> Platforms, has vocally criticized the Biden administration's mandate for the collection and publication of sensitive information about <a href="https://ultramining.com/news/en/russias-bitcoin-gold-rush-mining-machine-influx-outpaces-rest-of-the-world/">Bitcoin miners</a> and energy companies. Labeling the directive as a "politically-motivated attack on Bitcoin," Morgenstern's <a href="https://twitter.com/MorgensternNJ/status/1754634147232977246">discourse</a> brings to light the contentious relationship between government oversight and the burgeoning digital currency industry. He argues that contrary to the claims of environmental urgency, Bitcoin mining does not emit carbon pollution but rather utilizes <a href="https://ultramining.com/news/en/minnesota-man-faces-accusations-of-electricity-theft-for-bitcoin-mining/">electricity</a> akin to electric vehicles, challenging the narrative posited by critics like Senator Elizabeth Warren, according to <a href="https://twitter.com/MorgensternNJ/status/1754634147232977246">MorgensternNJ</a>. 
Morgenstern's contention centers around the assertion that the so-called emergency mandate lacks a genuine basis in transparency or environmental necessity. He points out the inherent transparency within the Bitcoin <a href="https://ultramining.com/news/en/texas-residents-challenge-bitcoin-mining-industrys-impact-on-power-grid-and-communities/">mining industry</a>, highlighting its potential to enhance grid stability—a claim supported by data indicating a negative correlation between mining activities and grid stress. This was particularly evident during the cold weather events of January, which ironically, the Energy Information Administration (EIA) uses to justify the mandate. 
The narrative unfolds against the backdrop of broader discussions about energy consumption, environmental impact, and the role of cryptocurrency in today's digital economy. Morgenstern accuses the mandate of serving as a tool for fringe activists to target the industry, citing a previous admission by the White House of a desire to "limit or eliminate" Bitcoin mining. This revelation underscores the complex interplay of innovation, regulation, and the differing perspectives on the path to a sustainable future.

Bitcoin Mining in the Crosshairs: Administration’s Data Demand Sparks Industry Backlash

Ultramining_Eng

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🗒 Daily Newsletter | Tuesday, February 6th, 2024

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