Biden

Bitcoin

The world’s largest crypto asset, Bitcoin is heading towards the much hyped halving event with a massive bullish movement. Amid this positive development, Bitcoin miners, represented by <a href="https://news.todayq.com/crypto-stocks-beat-bitcoin/">Riot Platform</a>s alongside industry groups Texas Blockchain Council (TBC) and Digital Chamber choose to go against the US authorities. Bitcoin Miners goes against GOV 
As per the court filings, these groups have filed a civil action against the US Department of Energy (DOE), the Energy Information Administration (EIA), and the Office of Management and Budget (OMB).&nbsp; 
The legal action aims to stop what the miners describe as the “unlawful” collection of proprietary data. This collection includes 82 Bitcoin miners, including Riot. The controversy shoots up from an emergency request by EIA which was approved by OMB to collect information on miners’ energy consumption. 
The plaintiffs view this action as an abuse of power by the Biden administration targeting the cryptocurrency industry. The lawsuit alleges violations of the Paperwork Reduction Act and the Administrative Procedure Act. 
In January 2024, the EIA requested an emergency review and clearance from OMB for the collection of proprietary energy information. However, this emergency designation was based on the argument that failure to authorize the collection would likely cause public harm. 
The plaintiffs argue that the agencies acted arbitrarily and capriciously in violation of the Administrative Procedure Act. Will they surrender energy data? 
The EIA proceeded with the information collection. The authority demanded that affected companies, including Riot and TBC members, to fill out the survey by February 23, 2024. Meanwhile. This was done under the threat of criminal fines and civil penalties. The legal action seeks to prevent the compelled disclosure of confidential, sensitive, and proprietary information. 
It is important to note that the plaintiffs argue that the EIA had no lawful authority to request or collect the information. The entire process lacked proper legal clearance. They assert that without court intervention, companies would suffer immediate and irreparable harm. It added that these companies are being forced to divulge sensitive information. 
According to reports, Riot Blockchain released its full-year 2023 financial results. It showcased record achievements in total revenue, Bitcoin production, and hash rate capacity.&nbsp; 
Riot Blockchain achieved a total revenue of $280.7 million for the fiscal year ending December 31, 2023, representing an increase from $259.2 million in the same period in 2022. It produced 6,626 Bitcoin. However, it held a record hash rate capacity of 12.4 exahash per second (EH/s). 
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Bitcoin miners protest ‘Unlawful’ data collection by US Gov

Todayq News

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