EddieJayonCrypto
3 Mar 24
The U.S. Department of Energy (DOE) and the Energy Information Administration (EIA) have agreed to stop gathering data on the energy usage rates of crypto mining firms and to destroy any information collected as a result of their survey. This agreement comes after the EIA faced a lawsuit from crypto...
The U.S. Department of Energy (DOE) and the Energy Information Administration (EIA) have agreed to stop gathering data on the energy usage rates of crypto mining firms and to destroy any information collected as a result of their survey. This agreement comes after the EIA faced a lawsuit from crypto mining firm Riot and the Texas Blockchain Council, alleging that the EIA attempted to strongarm them and other mining companies into answering the energy consumption survey by threatening criminal fines and civil penalties. The survey, which aimed to examine the energy ramifications of mining virtual currencies, has been paused, and the parties involved view the agreement as a compromise where no wrongdoing is admitted.
The agreement between the DOE and the EIA marks a significant shift in the approach to collecting energy data related to crypto mining. With the threat of legal action and allegations of strong-arming, the EIA has paused its data collection and agreed to destroy any information collected thus far. This compromise reflects the contentious nature of the survey, which was initially proposed to examine the energy implications of mining virtual currencies. The pause in data collection and the decision to halt further information gathering demonstrates the impact of legal challenges on regulating energy usage within the cryptocurrency industry.
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