US Energy Information Administration (EIA) plans to eliminate Bitcoin mining survey data and invites public feedback for a fresh proposition.
The recent court filings reveal that the US Energy Information Administration (EIA) has decided to discard all data collected from its emergency Bitcoin mining survey. This decision, which has been agreed upon with the Texas Blockchain Council, also applies to any future data received. The documents outline the EIA’s commitment to keeping this information confidential until it is destroyed, effectively ending the temporary restraining order that had halted the EIA’s data collection during ongoing legal proceedings, until March 8.
As a result of this resolution, the EIA will now initiate a 60-day period to gather public feedback in preparation for a new notice on data collection. This step demonstrates the agency’s willingness to consider public input before moving forward with any new data collection efforts.
This latest development comes in the wake of a lawsuit filed in February by the Texas Blockchain Council and Riot Platforms. They argued that the EIA’s mandatory survey constituted unauthorized data collection from the cryptocurrency industry, claiming that it violated the Paperwork Reduction Act by not following due process.
The lawsuit reflects the broader concerns of cryptocurrency entities regarding regulatory scrutiny, particularly in relation to energy consumption.
The opposition from the Texas Blockchain Council portrays the EIA’s survey as part of a larger government strategy to regulate the digital asset industry. They view it as an unwarranted intrusion on private businesses, suggesting that it is a coordinated effort by Senator Elizabeth Warren and the Biden Administration to increase regulatory oversight in the digital asset sector.
As part of the settlement, the EIA will reimburse the Texas Blockchain Council $2,199.45 for legal expenses incurred up to March 1, 2024. Additionally, both parties have agreed not to pursue further legal action and will request the court to dismiss the case.
Meanwhile, Riot Platforms and CleanSpark have announced significant expansions. Riot Platforms has added 31,500 Bitcoin mining machines to its operations, while CleanSpark has completed the acquisition of three new facilities.
These strategic moves are intended to enhance operational efficiency in preparation for the upcoming Bitcoin halving event. This event will reduce the mining reward from 6.25 BTC to 3.125 BTC, potentially impacting the profitability of mining operations.
Analysts from Galaxy Digital have suggested that the halving could lead to a significant decrease in the network hash rate for certain mining models, underscoring the importance of strategic investments to remain competitive in the evolving market landscape.
