US agencies pause Biden-sanctioned emergency miner survey following lawsuit

cyptouser7 months agoCryptocurrencies News177

The Energy Information Administration (EIA) paused the controversial survey of crypto mining firms on Feb. 23 following a lawsuit from members of the crypto mining sector.

Crypto mining company Riot Platforms and the Texas Blockchain Council launched the lawsuit on Feb. 22. The case names the EIA, the Department of Energy, the Office of Management and Budget (OMB), and the heads of those agencies as defendants.

The EIA confirmed that the survey has been paused in a statement:

“EIA will not enforce any requirement to file Form EIA-862 nor seek or impose any fines, penalties, or other adverse consequences based on a failure to respond to the survey through March 22, 2024.”

The agency will also sequester any data that it has collected and will refrain from using it until the same data, according to the current notice.

An entry in the case docket similarly confirms the survey pause, noting that the EIA will “take the survey down [and] there will be a notice stating there are [four] more weeks reprieve.”

Data collection concerns

Republican Congressman Tom Emmer recently raised concerns over the collection of data from crypto mining firms in a letter on Feb. 22.

He argued that the OMB could only grant the EIA’s information collection request without a comment period by demonstrating that mining is likely to cause public harm. He added:

“Bitcoin mining is not a threat to public safety. Period.”

Riot and the Texas Blockchain Council’s lawsuit relies on a similar argument, as one section of their complaint states that the emergency approval and supposed public harm are “facially absurd.”

The survey has been closely linked with the Biden administration and the Democratic party. One section of the lawsuit explicitly acknowledges this, noting that a September 2022 statement from the Biden Whitehouse specifically suggested targeting mining firms with energy limitation actions and laws.

The EIA, for its part, is concerned that Bitcoin mining could lead to increased energy consumption during high energy demand periods, including during cold weather.

The office originally aimed to collect data from 82 crypto-mining firms, and companies that did not comply could have faced $10,000 in daily fines until the survey period ended in July.

Mentioned in this article
Bitcoin Riot Platforms
The content on this website comes from the Internet. Due to the inconvenience of proofreading the authenticity and accuracy of the copyright or content of some content, it may be temporarily impossible to confirm the authenticity and accuracy of the copyright or content. For copyright issues or other issues caused by this, please Call or email this site. It will be deleted or changed immediately after verification.

related articles

Blast network TVL plummets 65% losing $2 billion in 24 hours post-mainnet launch

Blast network TVL plummets 65% losing $2 billion in 24 hours post-mainnet launch

Crypto investors have swiftly removed their assets on the Ethereum-based layer two blockchain Blast...

Osmosis hits $1 billion in monthly volume as interest in Cosmos surges

Cosmos-based DEX Osmosis hit $1.121 billion in monthly volume during December 2023, based on DefiLla...

Federal Reserve lists CBDCs as one of 7 ‘key duties’ to Congress

Federal Reserve lists CBDCs as one of 7 ‘key duties’ to Congress

25cc9d4a˃A United States central bank digital currency (CBDC) is apparently still a top priority for...

Lykke crypto exchange acknowledges hack after halting withdrawals

Lykke crypto exchange acknowledges hack after halting withdrawals

55966e89˃Lykke cryptocurrency exchange has halted withdrawals after suffering an exploit on June 4,...

April sees $25M in exploits and scams, marking historic low ― CertiK

April sees $25M in exploits and scams, marking historic low ― CertiK

55966e89˃April saw record-low crypto losses from hacks and scams, according to an April 30 report fr...

Rep. Emmer says crypto is nonpartisan, opponents are ‘fading’

Rep. Emmer says crypto is nonpartisan, opponents are ‘fading’

55966e89˃Cryptocurrency is not a partisan issue, but rather a question of supporting the administrat...