Due to the recent cold weather and the surge in mining activities driven by the increasing value of Bitcoin, the EIA declared an emergency OMB approval as they anticipated potential “increased uncertainty in energy markets.” Energy experts warn that without proper regulation, mining activities could have detrimental effects on the public, calling for stronger oversight beyond the regular legal framework.
“Through conducting regular surveys on cryptocurrency industry consumers, we aim to provide the American public with a comprehensive understanding of electricity usage patterns,” stated the EIA.
The initiatives taken by the Energy Department and the U.S. Energy Information Administration have faced criticism from significant players in the mining sector. Lee Bratcher, President of the Texas Blockchain Council, and Perianne Boring, Chairman of the US Chamber of Digital Commerce, expressed their concerns:
“The emergency measures taken by the EIA represent an overreach of federal authority, with severe implications for all crypto industry participants who rely on data centers to conduct their operations. We believe that these actions are politically motivated and intended to facilitate a reduction in the number of mining companies. We will pursue all legal avenues to have the permit revoked.”
Recently, CleanSpark, a mining company, announced its acquisition of three new farms in Mississippi and revealed plans to double their equipment’s hashrate in preparation for the upcoming halving of the Bitcoin network.