Dennis Porter, CEO of the non-profit Satoshi Motion Fund, has knowledgeable the crypto neighborhood that Bitcoin miners throughout the US are reportedly dealing with threats from power sources after receiving letters asking them at hand over delicate knowledge. Authority (EIA) stress.
EIA desires Bitcoin miners to submit delicate knowledge
In a February 14 article, Porter claim In a brand new order, the EIA now desires Bitcoin and cryptocurrency miners to adjust to its directives inside ten days or face hefty fines of greater than $10,000 per day. On the time of writing, and when Porter shared the submit, it was unclear what number of miners had acquired these demand letters.
Nevertheless, the event comes amid U.S. authorities issues over the potential environmental affect of Bitcoin mining. Porter has now revealed that the EIA is working with the federal authorities and, citing emergency powers, is in search of knowledge on miners’ areas, power consumption and suppliers.
The activist strongly criticized the EIA’s motion, saying the brand new directive was not how the U.S. authorities “ought to work together with a brand new and promising business.” Porter then highlighted the modern potential of Bitcoin and cryptocurrency mining usually. In earlier statements, supporters of cryptocurrency mining have mentioned that the observe will reshape how power is managed, produced, and even transmitted in the US; the CEO additionally talked about this stance.
NGO CEO fires again, says mining may stabilize energy grid
Whereas Porter rejected the EIA’s directive, he mentioned the nation’s Bitcoin miners had been “desirous to cooperate.” The CEO continued that with this chance, miners can reveal how the expertise can have a optimistic affect on the grid and its potential affect on the economic system and surroundings.
In November 2023, the Satoshi Motion Fund collaborated with Brad Jones, former CEO of the Electrical Reliability Council of Texas (ERCOT), to launch Paper Demonstrating how Bitcoin mining could be an efficient methane seize device. The results of methane on the ozone layer are effectively documented and confirmed to be dangerous.
To this point, the Satoshi Motion Fund plans to counter the EIA’s request, however particulars haven’t been disclosed. Earlier than that occurs, nevertheless, they’re investigating how Bitcoin miners may also help stabilize the U.S. energy grid.
In early February, Texas Blockchain Council Chairman Lee Bratcher and Digital Chamber of Commerce CEO Perianne Boring, clarify The EIA ought to deal with bettering poor power infrastructure relatively than focusing on personal firms. Additionally they criticized the crackdown on Bitcoin mining, calling it a politically motivated transfer and an abuse of energy.
Function photos from Canva, charts from TradingView
