- In a recent statement, the TBC organization expressed concerns that US authorities are targeting the cryptocurrency mining industry with the intention to “limit or eliminate” it.
- The catalyst for these concerns was an emergency survey conducted by the Energy Information Administration (EIA) to gather data on the electricity consumption of mining companies.
- The EIA defended the survey, stating that it was necessary to obtain updated information about the operations of mining companies.
The Texas Blockchain Council (TBC) has voiced its apprehensions about the US authorities’ alleged attempt to restrict or eradicate the Bitcoin mining industry. These claims were prompted by an urgent survey conducted by the Energy Information Administration (EIA) to assess the energy consumption of miners.
Riot Blockchain, one of the world’s largest Bitcoin mining companies, supported TBC’s stance on the issue. A spokesperson criticized the EIA’s mandatory survey, deeming it unlawful, and mentioned that the company is exploring countermeasures.
“We question the justification for labeling the survey as an “emergency,” as well as its exclusive focus on Bitcoin miners. This appears to be an effort to bypass administrative protocols, such as the public notice and comment period, in favor of a political agenda,” commented Brian Morgenstern, the Public Policy Director.
In February 2024, it was revealed that the EIA had urgently initiated an investigation into the mining industry’s impact on the US energy system. This inquiry involves the collection of data concerning the electricity consumption of individual mining companies, with Bitcoin miners being obligated to submit this information.
EIA officials assert that the agency’s goal is to gain an up-to-date understanding of the industry’s operations. They deny any involvement of political motives or pressure from the US presidential administration in the data collection request.
Prior to this incident, the EIA had published a report on the electricity consumption of miners, revealing that the industry’s annual demand in the US is comparable to the energy usage of several million households over a span of twelve months.
It is worth noting that Bitcoin miner Hut 8 previously refuted allegations of market manipulation during its merger with a US Bitcoin entity.