US Drops Emergency Survey Of Bitcoin Mining Amid Legal Tussle – Details The US has halted an urgent investigation into Bitcoin mining due to legal dispute – more information to follow.
The emergency survey on the power usage of Bitcoin mining conducted by the US Department of Energy (DOE) and Energy Information Administration (EIA) has been canceled after industry groups filed a lawsuit, according to reports from Reuters and other news sources. This decision is being made as concerns increase about the amount of energy used in cryptocurrency mining and the possible effects on the environment and the stability of the power grid. Former employees of FTX and Alameda have invested $17 million in a new crypto exchange startup. Industry alleges wrongdoing and raises legal issues. Riot Platforms, a Bitcoin mining company that is publicly traded, along with the Texas Blockchain Council, filed a lawsuit claiming that the survey did not follow the legal requirements for public comment and data collection procedures as specified in the Paperwork Reduction Act. The plaintiffs argued that the EIA did not show why bypassing these procedures was needed to prevent potential harm to the public, which is a requirement for emergency data collection. Speaking on behalf of the plaintiffs, Kara Rollins informed Fortune magazine. We were surprised by the blatant disregard for the law in this situation… We do not want politics to corrupt the data. The EIA believed that the time-sensitive nature of the issue warranted skipping regular protocols, stating that Bitcoin mining had the potential to interfere with the electrical power sector. The debate over the energy consumption of bitcoin mining.