Industry Groups Challenge Emergency Survey
The US Department of Energy (DOE) has dropped its emergency survey of Bitcoin mining’s energy usage after a lawsuit from industry groups. Riot Platforms and the Texas Blockchain Council argued that the survey violated the Paperwork Reduction Act by bypassing public comment and data collection procedures.
Energy Consumption Concerns
Bitcoin mining, which involves solving complex mathematical problems to verify transactions, requires significant electricity. The EIA estimates that it accounts for 0.6% to 2.3% of total US electricity use. Environmental groups argue that this contributes to greenhouse gas emissions and raises electricity costs.
Industry Defends Data Centers
The industry maintains that data centers can actually benefit grid stability by providing flexible demand. They can shut down operations during peak hours or emergencies.
Transparent Data Collection
The DOE and EIA have agreed to destroy data collected in the initial survey and pursue a non-emergency version with a 60-day public comment period. This approach aligns with the Paperwork Reduction Act and allows for stakeholder engagement.
Importance of Accurate Data
Gathering accurate data through the revised survey is crucial for developing informed policies and regulations on Bitcoin mining’s environmental and economic implications.
