Dennis Porter, the CEO of a non-profit, Satoshi Motion Fund, has notified the crypto neighborhood that Bitcoin miners throughout america reportedly face strain from the Vitality Info Administration (EIA) after being despatched letters requiring them to give up delicate knowledge.
EIA Needs Bitcoin Miners To Submit Delicate Information
In a submit on February 14, Porter claims that, in a brand new order, the EIA now desires Bitcoin and crypto miners to adjust to their directive inside ten days or face heavy fines exceeding $10,000 per day. When writing, and by the point Porter shared the submit, it was unclear what number of miners had acquired these demand letters.
Nevertheless, this improvement is amid considerations from america authorities in regards to the potential environmental affect of Bitcoin mining. Porter now reveals that the EIA, appearing in collaboration with the federal authorities and citing emergency powers, is looking for knowledge on miners’ places, vitality consumption, and suppliers.
The activist strongly criticized the EIA’s actions, saying that this new directive will not be how america authorities “ought to work together with a brand new and promising business.” Porter then highlights the modern potential of Bitcoin and crypto mining on the whole. In earlier statements, crypto mining supporters have stated the apply would reshape vitality administration, manufacturing, and even how energy is transmitted in america; it’s a stance that the CEO additionally mentions.
NGO CEO To Battle Again, Claims Mining Can Stabilize Electrical Grid
Whereas rejecting the EIA’s directive, Porter stated Bitcoin miners within the nation are “desirous to collaborate.” Given this opportunity, miners, the CEO continues, can present how the know-how has positively impacted the electrical grid and its potential affect on the economic system and surroundings.
In November 2023, the Satoshi Motion Fund, in partnership with Brad Jones, the previous CEO of the Electrical Reliability Council of Texas (ERCOT), launched a paper exhibiting how Bitcoin mining is an efficient methane seize device. The affect of Methane on the ozone layer is nicely documented and proven to be dangerous.
Up to now, the Satoshi Motion Fund plans to combat again in opposition to the EIA’s calls for, however particulars stay undisclosed. Nevertheless, earlier than this, they’re surveying to know how Bitcoin miners are serving to stabilize the electrical grid in america.
In early February, Lee Bratcher, the Texas Blockchain Council President, and Perianne Boring, the CEO of the Chamber of Digital Commerce, said the EIA ought to concentrate on bettering the outdated vitality infrastructure as an alternative of concentrating on personal firms. Additionally they criticized the crackdown on Bitcoin mining, calling it a politically motivated transfer and an abuse of energy.
Function picture from Canva, chart from TradingView