Crypto firms prevail as energy agency EIA ends data quest for crypto mining
In a recent development, the U.S. Department of Energy (DOE) has agreed to terminate its efforts to gather information regarding the energy consumption of cryptocurrency mining operations.
This decision follows a lawsuit filed against the Energy Information Administration (EIA), a division responsible for data tracking within the DOE.
EIA commits to data destruction in compromise
The EIA has pledged not only to halt the collection of data but also to destroy any information it has already acquired or may receive in the future as a result of its survey.
The agreement between the DOE and the plaintiffs, which include crypto mining firm Riot and the Texas Blockchain Council (TBC), is regarded as a compromise with no admission of wrongdoing from either party.
This resolution comes after the EIA faced legal action initiated by Riot and the TBC, alleging coercion in the data collection process. The plaintiffs claim that the EIA attempted to compel mining companies to participate in the energy consumption survey under threat of criminal fines and civil penalties.
Temporary halt in data collection
The EIA’s decision to pause the energy data collection efforts was prompted by the lawsuit, which accused the agency of pressuring companies to comply with the survey by a specified deadline. The survey, proposed in early February, aimed to assess the energy implications associated with virtual currency mining.
However, Riot and other TBC members objected to the EIA’s approach, citing alleged intimidation tactics employed to enforce compliance with the survey requirements.
Resolution and future implications
With the cessation of data collection and the commitment to destroy any gathered information, the dispute between the DOE and the crypto mining industry enters a new phase. The outcome of this legal battle could have significant implications for future attempts to regulate and monitor the energy consumption of cryptocurrency mining operations.
While the parties involved have reached a temporary resolution, the broader debate surrounding the environmental impact of digital currencies continues to evolve.
the U.S. Department of Energy has agreed to cease its collection of data on crypto mining energy usage following a lawsuit filed by industry stakeholders. The Energy Information Administration, under the DOE, will halt the survey and dispose of any information already obtained or to be received in the future.
The resolution represents a compromise between the involved parties, with the legality and ethical considerations of energy consumption in the crypto mining sector remaining under scrutiny. This development underscores the ongoing tension between regulatory agencies and emerging industries in the digital landscape.
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Crypto firms prevail as energy agency EIA ends data quest for crypto mining
In a recent development, the U.S. Department of Energy (DOE) has agreed to terminate its efforts to gather information regarding the energy consumption of cryptocurrency mining operations.
This decision follows a lawsuit filed against the Energy Information Administration (EIA), a division responsible for data tracking within the DOE.
EIA commits to data destruction in compromise
The EIA has pledged not only to halt the collection of data but also to destroy any information it has already acquired or may receive in the future as a result of its survey.
The agreement between the DOE and the plaintiffs, which include crypto mining firm Riot and the Texas Blockchain Council (TBC), is regarded as a compromise with no admission of wrongdoing from either party.
This resolution comes after the EIA faced legal action initiated by Riot and the TBC, alleging coercion in the data collection process. The plaintiffs claim that the EIA attempted to compel mining companies to participate in the energy consumption survey under threat of criminal fines and civil penalties.
Temporary halt in data collection
The EIA’s decision to pause the energy data collection efforts was prompted by the lawsuit, which accused the agency of pressuring companies to comply with the survey by a specified deadline. The survey, proposed in early February, aimed to assess the energy implications associated with virtual currency mining.
However, Riot and other TBC members objected to the EIA’s approach, citing alleged intimidation tactics employed to enforce compliance with the survey requirements.
Resolution and future implications
With the cessation of data collection and the commitment to destroy any gathered information, the dispute between the DOE and the crypto mining industry enters a new phase. The outcome of this legal battle could have significant implications for future attempts to regulate and monitor the energy consumption of cryptocurrency mining operations.
While the parties involved have reached a temporary resolution, the broader debate surrounding the environmental impact of digital currencies continues to evolve.
the U.S. Department of Energy has agreed to cease its collection of data on crypto mining energy usage following a lawsuit filed by industry stakeholders. The Energy Information Administration, under the DOE, will halt the survey and dispose of any information already obtained or to be received in the future.
The resolution represents a compromise between the involved parties, with the legality and ethical considerations of energy consumption in the crypto mining sector remaining under scrutiny. This development underscores the ongoing tension between regulatory agencies and emerging industries in the digital landscape.
Read More