Trends
U.S. regulators withdraw crypto mining power survey amid legal dispute
U.S. regulators discontinued a survey meant to monitor cryptocurrency mining electricity usage permanently, following the recent lawsuit.
Headline
U.S. regulators discontinued a survey meant to monitor cryptocurrency mining electricity usage permanently, following the recent lawsuit.
Context
This week, U.S. regulators removed a survey that was intended to collect data on the amount of electricity used by the cryptocurrency mining business, making it more difficult to assess the industry’s effects on energy costs and grids. Riot Platforms, a major player in the U.S. Bitcoin mining sector, along with the Texas Blockchain Council, has filed a lawsuit aimed at halting mandatory data requests.
Evidence
Pending intelligence enrichment.
Analysis
This action comes after the U.S. Energy Information Administration (EIA) recently conducted a study to assess the energy consumption of cryptocurrency mining. Reuters reports that, as a result, U.S. officials have cancelled the emergency survey and are currently in talks with the plaintiffs in the bitcoin mining case to reach a settlement and resolve the legal dispute. Also read: Texas Blockchain Council wins favorable ruling against energy regulators According to calculations by Reuters and estimates from companies that provide statistics on Bitcoin and power use, mining of digital currency peaked on February 7 and is predicted to use more than 60 terawatt hours in the United States this year.
Key Points
- This week, U.S. regulators discontinued a survey meant to monitor cryptocurrency mining electricity usage permanently, complicating efforts to understand its impact on energy costs and grids.
- Riot Platforms and the Texas Blockchain Council are seeking to stop mandatory data requests through a lawsuit, following the U.S. Energy Information Administration’s energy consumption study.
- U.S. officials have put the emergency survey on hold and are negotiating a settlement to resolve the lawsuit.
Actions
Pending intelligence enrichment.
