DEC founder and president Thomas Mapes said the organization’s main goal is to dispel misconceptions about cryptocurrency mining among policymakers.
The DEC includes mining and energy companies, some of which have already gone public. For now, the association’s efforts to promote the interests of miners will focus solely on the U.S.
Previously, Mapes served as director of energy at the Chamber of Digital Commerce. Prior to that, he served as chief of the Office of External Affairs at the U.S. Department of Energy.
Mapes said that already during his time at the ministry, he began to see mining companies as an integral part of the energy ecosystem.
Miners can use excess energy that would have been wasted – and that’s one of the benefits of the industry, Mapes elaborated.
“Digital asset extraction intersects with energy at the federal level, so we look forward to working with leaders in these industries,” the DEC founder wrote on Twitter.
He added that energy companies, utilities and power providers are interested in cryptocurrency mining and are exploring how they can become participants in the industry.
However, lawmakers have yet to realize its benefits, as anti-mining bills have been popping up lately.
Mapes cited a 30% tax on mining digital assets proposed in May by the administration of U.S. President Joe Biden as an example.
The proposal comes in the wake of a report from the White House Office of Science and Technology Policy (OSTP) that put the electricity consumption of U.S. miners at 50 billion kWh per year.
In June, President Biden promised to close all “loopholes” for crypto industry participants as part of a comprehensive economic strategy called “Bidenomics.”