Crypto Mining Data Collection Halted by US Administration Amid Ongoing Lawsuit
The US Energy Information Administration (EIA) has decided to stop the data collection about energy consumption during crypto mining activities. The decision comes after a lawsuit was filed by industry participants including The Texas Blockchain Council and Riot Platforms to stop the data collection.
US EIA to Stop Survey on Energy Consumption During Crypto Mining
In response to a lawsuit from an industry organization and one of its members, the Energy Information Administration has decided to discontinue its emergency acquisition of energy use data from cryptocurrency businesses.
A notice issued on Friday stated that the parties to the litigation have reached a mutual understanding. EIA is required by that agreement to “destroy any information” it has already received and to stop conducting the survey. According to the filing, the EIA will publish a new notice on the survey that will enable public comments.
NEW: The @EIAgov has decided to DROP its emergency survey of $BTC miners following the lawsuit filed by @RiotPlatforms, @TXblockchain_ and @DigitalChamber.
The EIA has agreed to undergo the proper notice and comment procedure before attempting any future reissuance.
— Eleanor Terrett (@EleanorTerrett) March 1, 2024
re-issuanceRiot and Texas Blockchain Council’s Lawsuit
The Texas Blockchain Council and Riot Platforms had previously filed a lawsuit, arguing that the Energy Information Administration (EIA) lacked the authority to gather comprehensive data on the electrical usage of crypto mining operations. According to the lawsuit, the EIA began its investigation unlawfully to gather information on the energy usage of companies that mine cryptocurrencies.
Opponents of the survey contend that disclosing private and sensitive information could cause irreversible harm. The growing disagreement between regulators and the cryptocurrency sector on the environmental impact of mining cryptocurrencies was also reflected in this lawsuit.
Read Also: Nvidia Overtakes Saudi Aramco as World’s Third Largest Company
Crypto Vote Stands Important in Upcoming Elections
The EIA had been ordered to undertake the data collection by President Joe Biden’s government. Since US officials were trying to examine Bitcoin mining’s electricity consumption, the industry has come under increased scrutiny. The power usage of crypto mining is a contentious issue, yet the data collection was ordered just before the election. This gives rise to worries that the government of Biden 2.0 might not support the cryptocurrency industry. Cryptocurrency users will be crucial to the outcome of this election. Forbes reports that one in five Americans currently owns digital assets. Precisely 52 million individuals. The amount is significant enough to fundamentally alter the outcome of the US presidential election. Thus, winning the trust of cryptocurrency voters is probably crucial for any administration hoping to win an election.
The post Crypto Mining Data Collection Halted by US Administration Amid Ongoing Lawsuit appeared first on CoinGape.
Filed under: News - @ January 1, 1970 12:00 am