Bitcoin
As DOE prepares for second round of controversial cryptocurrency mining research, industry weighs in
After the U.S. Department of Energy’s (DOE) first attempt to survey cryptocurrency mining companies about their energy use was thwarted by a lawsuit, the department is preparing to try again — but this time, it will first seek input from cryptocurrency industry participants.
The Energy Information Administration (EIA), a federal agency within the DOE that oversees energy statistics and analysis, hosted a public webinar on Wednesday to hear comments from interested members of the public — including cryptocurrency miners and industry participants — on how such research should be drafted ahead of a proposed rulemaking planned for publication in the Federal Register.
In January, the agency floated a mandatory survey of nearly 500 “identified” commercial cryptocurrency miners, requiring them to respond with detailed data about their energy usage or else risk civil and criminal penalties. The survey was authorized by the Office of Management and Budget (OMB), which oversees federal agencies and manages the federal budget, as an emergency data collection request, meaning it did not go through the normal notice and comment process.
The proposal was immediately received with cryptocurrency miners’ outrageincluding Marty Bent, director of bitcoin mining company Cathedra Bitcoin, who called mandatory research “Orwellian” in a blog post and expressed concern that it could be used to create a “hyper-detailed record of mining operations” in the U.S.
The following month, the Texas Blockchain Council (TBC), an industry group, and mining company Riot Platforms filed a lawsuit against the DOE, EIA, OMB, and several authorities, accusing them of violating the Administrative Procedure Act (APA) and requesting a temporary restraining order and preliminary injunction to halt the research until a proper notice and comment process was followed.
The EIA finally agreed to temporarily suspend the survey in February — now, they’re trying again.
More than 100 participants attended the EIA’s 45-minute webinar on Wednesday, with 10 people — including cryptocurrency miners, industry participants, researchers and one member of the public — speaking.
Bitcoin researcher Margot Paez, a doctoral candidate at the Georgia Institute of Technology and sustainability consultant at the Bitcoin Policy Institute, agreed that research needed to be conducted, but said the industry was “wary” of the EIA’s motives and suggested that an outside institution be selected to conduct the research.
Lee Bratcher, president and founder of the Texas Blockchain Council, suggested that the EIA also include traditional data centers in its survey, rather than just limiting the information request to cryptocurrency-focused data centers. The suggestion was supported by Jayson Browner, senior vice president of government affairs at Marathon Digital Holdings, who said the industry would be “skeptical” of the survey if traditional data centers were excluded from the request.
“At this point, we’re considering everything,” said Stephen Harvey, an EIA official, adding that including traditional data centers in the survey was “clearly on the table.”
Harvey said the EIA is currently in the process of developing a draft proposal that is expected to be published in the Federal Register sometime this quarter. It will then go through a 60-day comment period during which industry can respond to the proposal.
“At the end of those 60 days, we will also receive all of the information, review it, and make any adjustments based on new information that we think are necessary. We will respond to any key questions that arise in that process and file a new publication in the federal register,” Harvey said.
After that, there will be a 30-day review process, Harvey explained, after which the decision on whether the EIA can proceed with its research will be in the hands of the OMB.
Bitcoin has lost out on an asset rally fueled by positive comments from the Federal Reserve, while a tight US election race casts doubt on whether Donald Trump will get the chance to implement his pro-crypto agenda.
The digital asset fell 2.4% on Wednesday, following a Fed-fueled surge in an index of megacap tech stocks Magnificent Seven by one of the largest margins in 2024. The token retreated further on Thursday, changing hands at $63,750 as of 6:10 a.m. in London.
Bitcoin
‘This is huge’ — Billionaire Mark Cuban issues ‘incredible’ Bitcoin and crypto prediction amid price slump
Bitcoin
Bitcoin
came back with a vengeance this year when former President Donald Trump Cryptocurrency boosts US presidential election in November with ‘revolutionary’ plan.
The price of bitcoin has surged to more than its all-time high in recent months, surpassing $70,000 per bitcoin and triggering a wave of mega-optimistic predictions about the price of bitcointhough it fell again this week, falling below $65,000 after the Federal Reserve kept interest rates steady.
Now, as Elon Musk suddenly breaks his silence on bitcoin and cryptocurrenciesBillionaire investor Mark Cuban called a California plan to digitize 42 million car titles using blockchain an “incredible step forward” and “huge” for cryptocurrencies.
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Mark Cuban, famous Shark Tank investor and billionaire owner of the NBA team Dallas Mavericks, has… [+] called a cryptocurrency update “amazing” amid bitcoin’s price slump.
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The California Department of Motor Vehicles (DMV) has digitized 42 million car titles using blockchain, it was reported by Reuters, through technology company Oxhead Alpha on the Avalanche blockchain and designed to detect fraud and facilitate the securities transfer process.
“This is an incredible development for crypto,” Cuban, best known as an investor on TV’s Shark Tank and owner of the Dallas Mavericks NBA team, posted on X, joking that U.S. Securities and Exchange Commission (SEC) Chairman Gary Gensler could sue the state as part of his hostility toward cryptocurrencies and blockchain technology.
“The reason this is huge for crypto is because people who hold the tokens will have an app with an Avalanche wallet,” Cuban said. “Tens of millions of Californians having and using a crypto wallet in the next five years, or however long it takes, normalizes the use of wallets and crypto.”
John Wu, president of Avalanche developer Ava Labs, told Reuters that California’s DMV is “creating a wallet that you can download on your phone.”
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Bitcoin’s price has rallied this year, triggering a wave of bullish bitcoin price predictions from… [+] people like billionaire Mark Cuban.
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Last month, Cuban predicted that if the US dollar falls as the global reserve currency, bitcoin could become “a global ‘safe haven’” and a “global currency.” potentially sending the price of bitcoin to a much higher level.
According to Cuban, bitcoin could become what its most ardent supporters “envision” — a means “of protecting our economies… This is already happening in countries facing hyperinflation.”
The price of bitcoin has skyrocketed over the past year, largely due to the world’s largest asset manager, BlackRock, leading a bitcoin attack on Wall Street.
Bitcoin
Bitcoin (BTC) miner Riot Platforms (RIOT)’s second-quarter loss widens to $84.4 million as costs rise
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At a national bitcoin conference in Nashville, Donald Trump finally laid out some of his crypto policy proposals, including a long-awaited part of his plan — building a strategic bitcoin reserve. CNN’s Jon Sarlin explains what it is and why the crypto industry wants it.
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