As crypto miners prepare for the 2024 Bitcoin halving key industrial players have demonstrated interest in examining energy consumption for mining digital assets. On February 1 the Energy Information Administration (EIA) revealed plans to conduct an extensive study assessing the energy consumed by Bitcoin miners.
In retaliation to the request, the Bitcoin miners expressed their concerns about the proposed EIA survey. Initially, the EIA had proposed to conduct a compulsory survey targeting fast-paced crypto mining sites in the United States.
US Crypto Miners Labels EIA Emergency Survey Unlawful
Based on the urgency of the study the EIA submitted the proposal to the US Department of Energy for review. After a thorough review process, the agency greenlighted the proposal allowing the EIA to proceed with an “emergency survey” on energy consumption in Bitcoin mining facilities.
The approval of the EIA proposal permitted the administration to commence the data collection process last month. In an earlier interview the EIA official outlined the significance for the emergency survey.
The official underlined that the survey will assess the primary source of energy used in crypto mining. Additionally, the EIA confirmed that the survey will compare crypto mining activities in different states. The EIA request sparked heated debates among the US-based crypto miners.
In a separate writing, a group of crypto miners in collaboration with a Bitcoin-oriented organization criticized the EIA request. Some questioned the legality of the proposed EIA emergency survey.
The EIA proposal came when the US regulators had established measures to clamp down on cryptocurrency. The anti-crypto spirit in the United States left many pondering why the regulators were targeting the crypto miners.
Commenting on the EIA request some troubled crypto miners complained that the proposed emergency survey lacked clarity. Others claimed that the EIA survey emanated from political motives.
Restrictive Measures in US Hinders Bitcoin Growth
Elsewhere the president of Texas Blockchain Council (TBC) Lee Bratcher condemned the EIA data collection request. In his statement, Mr Bratcher echoed that the EIA data collection could create ethical implications for companies relying on information from data centres.
Citing a recent turn of events in the crypto sector the TBC president noted the EIA emergency survey supported the anti-crypto move in the US limiting crypto mining activities. Bratcher labelled the EIA request as an abuse of authority spearheaded by the Biden administration.
For years Bitcoin miners have been accused of contravening the existing laws and negligence in to use of green energy in their activities. This forced the Biden administration to levy restrictive measures to scare away Bitcoin miners in the US.
The prohibitive measures in the US compelled the local Bitcoin miners to leverage their expertise to adjust the energy consumption on the data centre according to the national electricity grid.
Bitcoin Miners Questions Legality of EIA Survey
In support of Bratcher’s remarks, the spokesperson from Riot Platforms described the EIA emergency request as unlawful activity. Following the request for the mandatory emergency survey, the executive confessed the Riot team was assessing the legality of the survey.
In the latter, the spokesperson expressed concerns about why the EIA survey was only targeting the Bitcoin miners. Also he questioned the urgency of the proposed survey.
Based on the scope of the EIA survey the official noted the administration was avoiding meeting the lengthy administration procedures.
He claimed that the survey stemmed from political agenda seeking to suppress the activities of crypto miners in the US. Consecutively the head of public policy at Riot Platforms Brian Morgenstern regretted that the EIA survey aimed at stalling the growth of the Bitcoin ecosystem.
The executive claimed that the EIA survey aligned with the anti-crypto bills drafted by the Massachusetts senator Elizabeth Warren. In a subsequent report, the official from the Riot Platforms slammed on the EIA request for the emergency survey.
The official claimed that the approval of the EIA request grants the government regulatory agencies excess powers to control confidential data obtained from crypto mining activities. Beyond this, the Riot executive lamented that the EIA proposed survey would violate the existing laws.
He described the emergency survey as “unlawful” since most of the Bitcoin-inspired organizations have demonstrated their compliance with the law. In his signing-off remarks, the official warned the Riot team and other companies on risks associated with government influence on legitimate businesses. He outlines the risk of disclosing private information to the public.
Tokenhell produces content exposure for over 5,000 crypto companies and you can be one of them too! Contact at email@example.com if you have any questions. Cryptocurrencies are highly volatile, conduct your own research before making any investment decisions. Some of the posts on this website are guest posts or paid posts that are not written by Tokenhell authors (namely Crypto Cable , Sponsored Articles and Press Release content) and the views expressed in these types of posts do not reflect the views of this website. Tokenhell is not responsible for the content, accuracy, quality, advertising, products or any other content or banners (ad space) posted on the site. Read full terms and conditions / disclaimer.