Stabilize

Satoshi

United

Bitcoin

<p>Dennis Porter, the CEO of a non-profit, Satoshi Action Fund, has notified the crypto community that Bitcoin miners across the United States reportedly face pressure from the Energy Information Administration (EIA) after being sent letters requiring them to surrender sensitive data.&nbsp;</p> 
<h2 id="eia-wants-bitcoin-miners-to-submit-sensitive-data">EIA Wants Bitcoin Miners To Submit Sensitive Data</h2> 
<p>In a post on February 14, Porter&nbsp;<a class="editor-rtfLink" href="https://twitter.com/Dennis_Porter_/status/1757836850918797570" target="_blank" rel="noopener nofollow">claims</a> that, in a new order, the EIA now wants Bitcoin and crypto miners to comply with their directive within ten days or face heavy fines exceeding $10,000 per day. When writing, and by the time Porter shared the post, it was unclear how many miners had received these demand letters.</p> 
<img loading="lazy" decoding="async" class="size-full wp-image-281718" src="https://bitcoinist.com/wp-content/uploads/2024/02/GGUXS9DbMAE9QPb.jpg?resize=1024%2C1245" alt="Letter from EIA | Source: Dennis Porter via X" width="1024" height="1245" srcset="https://bitcoinist.com/wp-content/uploads/2024/02/GGUXS9DbMAE9QPb.jpg?resize=1024%2C1245?w=1684 1684w, https://bitcoinist.com/wp-content/uploads/2024/02/GGUXS9DbMAE9QPb.jpg?resize=1024%2C1245?w=345 345w, https://bitcoinist.com/wp-content/uploads/2024/02/GGUXS9DbMAE9QPb.jpg?resize=1024%2C1245?w=768 768w, https://bitcoinist.com/wp-content/uploads/2024/02/GGUXS9DbMAE9QPb.jpg?resize=1024%2C1245?w=543 543w, https://bitcoinist.com/wp-content/uploads/2024/02/GGUXS9DbMAE9QPb.jpg?resize=1024%2C1245?w=1263 1263w, https://bitcoinist.com/wp-content/uploads/2024/02/GGUXS9DbMAE9QPb.jpg?resize=1024%2C1245?w=750 750w, https://bitcoinist.com/wp-content/uploads/2024/02/GGUXS9DbMAE9QPb.jpg?resize=1024%2C1245?w=1140 1140w" sizes="(max-width: 1000px) 100vw, 1000px" data-recalc-dims="1"> 
<p>However, this development is amid concerns from the United States government about the potential environmental impact of Bitcoin mining. Porter now reveals that the EIA, acting in collaboration with the federal government and citing emergency powers, is seeking data on miners’ locations, energy consumption, and suppliers.</p> 
<p>The activist strongly criticized the EIA’s actions, saying that this new directive is not how the United States government “should interact with a new and promising industry.” Porter then highlights the innovative potential of Bitcoin and crypto mining in general. In previous statements, crypto mining supporters have said the practice would reshape energy management, production, and even how power is transmitted in the United States; it is a stance that the CEO also mentions.</p> 
<h2 id="ngo-ceo-to-fight-back-claims-mining-can-stabilize-electric-grid">NGO CEO To Fight Back, Claims Mining Can Stabilize Electric Grid</h2> 
<p>While rejecting the EIA’s directive, Porter said Bitcoin miners in the country are “eager to collaborate.” Given this chance, miners, the CEO continues, can show how the technology has positively impacted the electric grid and its potential impact on the economy and environment.&nbsp;</p> 
<p>In November 2023, the Satoshi Action Fund, in partnership with Brad Jones, the former CEO of the Electric Reliability Council of Texas (ERCOT), released a <a class="editor-rtfLink" href="https://t.co/WO0UfBplGJ" target="_blank" rel="noopener nofollow">paper</a>&nbsp;showing how Bitcoin mining is an effective methane capture tool. The impact of Methane on the ozone layer is well documented and shown to be harmful.</p> <a href="https://www.tradingview.com/x/hJPYHqCU/" rel="nofollow noopener" target="_blank"><img loading="lazy" decoding="async" class="size-full" src="https://www.tradingview.com/x/hJPYHqCU/" alt="Bitcoin price trending upward on the daily chart | Source: BTCUSDT on Binance, TradingView" width="1233" height="592"></a> 
<p>So far, the Satoshi Action Fund plans to fight back against the EIA’s demands, but details remain undisclosed. However, before this, they are surveying to understand how Bitcoin miners are helping stabilize the electric grid in the United States.</p> 
<p>In early February, Lee Bratcher, the Texas Blockchain Council President, and Perianne Boring, the CEO of the Chamber of Digital Commerce,&nbsp;<a class="editor-rtfLink" href="https://texasblockchaincouncil.org/blog/tbc-statement-on-eia-and-federal-overreach#:~:text=We%20strongly%20believe%20EIA%20has,legal%20recourses%20available%20to%20us.%E2%80%9D" target="_blank" rel="noopener nofollow">said</a>&nbsp;the EIA should focus on improving the outdated energy infrastructure instead of targeting private companies. They also criticized the crackdown on Bitcoin mining, calling it a politically motivated move and an abuse of power.&nbsp;</p>

Bitcoin Miners Face Pressure from US EIA, CEO To Fight Back

Table of Contents

Bitcoinist

Other articles published on Feb 16, 2024

Decimal's Weekly Digest of Blockchain News

AI Investment Dominance: Middle East Takes Global Lead in 2024

Sports betting: Nigerian lawmaker denies moving motion to ban

MicroStrategy’s Profit On Massive Bitcoin Stash Hits $4 Billion After BTC’s 21% Surge In A Month

Clover Finance: Gateway to Interoperable Blockchain Applications

Solana (SOL) and Sui (SUI) Remain Top Investment Picks with Pushd (PUSHD) Presale Grabbing Big At...

Join our free newsletter for daily crypto updates!