After the U.S. Energy Information Administration (EIA) declared its intention to launch an urgent inquiry into the power consumption of cryptocurrency mining within the nation, two blockchain advocacy organizations have labeled the move as a “politically motivated” drive against bitcoin mining, denouncing it as “an attack against legitimate American businesses.”
Blockchain Advocacy Groups Slam EIA's 'Politically Motivated' Inquiry Into US Crypto Mining
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EIA Faces Backlash Over Emergency Crypto Mining Energy Consumption Survey
Recently, Bitcoin.com News reported on the EIA receiving the green light from the Biden administration’s Office of Management and Budget (OMB) to conduct a survey among U.S.-based cryptocurrency miners. The EIA argues that if conventional mining activities continue, it’s quite probable that “public harm is reasonably likely.”
In the wake of the OMB’s endorsement, two blockchain advocacy and public policy organizations — the Texas Blockchain Council and Chamber of Digital Commerce — have criticized the decision as an overreach of authority. Both organizations have shared a joint statement on their respective websites, featuring a letter penned by Lee Bratcher, a board member and President of the Texas Blockchain Council, alongside Perianne Boring, the founder and CEO of the Chamber of Digital Commerce.
“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 letter details.
Boring’s and Bratcher’s letter adds:
We believe this should cause concern for all industries that rely on data centers as part of their operations.
The crypto advocacy organizations contend that the Department of Energy and EIA’s actions are politically driven, sidelining critical upgrades needed for America’s aging electrical systems and grid reliability. The letter underscores the distinctive capacity of bitcoin ( BTC) miners to dynamically adjust their energy consumption in response to grid demands, offering crucial support for stability.
This capability was notably demonstrated during the recent cold weather events in Texas, challenging the EIA’s justification for its ill-advised strategy. Should the expressed concern about data centers straining the grid hold any truth, it implies that industries such as financial services and social media platforms should also brace for this concerning new policy direction.
“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, while pleading ignorance to U.S. miner’s utilization of renewable resources and uniquely flexible operations,” the blockchain policy organizations explain. “This is an attack against legitimate American businesses with the administration feigning an emergency to score political points,” the letter adds.
In response to the statements, the EIA replied to Bloomberg’s Naureen S. Malik about the situation. “We conduct dozens of surveys with energy producers and consumers — some of which we’ve been conducting for decades,” the EIA spokesperson said. “We’re hopeful we can work with companies in the cryptocurrency industry to provide the American public with a clear understanding of energy use.”
What do you think about the two crypto advocacy groups speaking out against the EIA’s emergency survey? Share your thoughts and opinions about this subject in the comments section below.
