The U.S. Energy Information Administration (EIA) has decided to stop collecting data on energy consumption during cryptocurrency mining activities. The decision comes after industry players including the Texas Blockchain Council and Riot Platforms filed a lawsuit seeking to halt data collection.
US EIA to suspend investigation into energy consumption during cryptocurrency mining
Following a lawsuit from industry groups and their members, the Energy Information Administration has decided to halt the emergency collection of energy usage data from crypto operators.
The notice issued Friday states that the litigants have reached a mutual understanding. The agreement requires the EIA to “destroy all information” it has already received and cease conducting the investigation. According to the filing, the EIA plans to publish a new notice on the investigation that will allow for public comment.
Reissue Riot vs. Texas Blockchain Council Lawsuit
The Texas Blockchain Council and Riot Platforms previously filed a lawsuit alleging that the Energy Information Administration (EIA) does not have the authority to collect comprehensive data on electricity usage by crypto mining operations. . According to the complaint, EIA illegally launched an investigation to collect information about the energy usage of companies mining cryptocurrencies.
Opponents of the investigation argue that disclosing personal and sensitive information could cause irreparable harm. The case also reflects the growing disagreement between regulators and the cryptocurrency industry regarding the environmental impact of cryptocurrency mining.
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Cryptocurrency voting will be important in upcoming elections
EIA was mandated by President Joe Biden's administration to collect the data. The industry has come under increased scrutiny since US authorities sought to investigate the electricity consumption of Bitcoin mining. The power usage of crypto mining is a hotly debated issue, but the data collection was ordered just before the election. This has raised concerns that a Biden 2.0 government will not support the crypto industry. Cryptocurrency users are crucial to the outcome of this election. Forbes reports that one in five Americans now owns a digital asset. 52 million people to be exact. This amount is significant enough to fundamentally change the outcome of the US presidential election. Therefore, winning the trust of crypto voters is likely crucial for any government looking to win elections.
