Riot Platforms Inc Criticizes US Energy Information Administration’s Data Collection Mandate
Brian Morgenstern, Head of Public Policy at Riot Platforms Inc, the second-largest Bitcoin miner in the United States, has openly criticized the US Energy Information Administration’s (EIA) new mandate to collect data on energy usage by miners. This directive is part of a broader effort to understand the electricity demands and environmental impacts of the Bitcoin mining industry.
A Political Attack on Bitcoin
Morgenstern believes that the directive is politically motivated and aimed at attacking the Bitcoin and crypto sector. He argues that it is an indirect result of recommendations from the White House Office of Science and Technology Policy and a group of Senators, including Senator Warren, who is critical of crypto.
He points out that Bitcoin miners are electricity consumers, not direct carbon emitters, similar to electric vehicles. This distinction is important in understanding the environmental impact of mining.
Transparency and Grid Stability
Morgenstern highlights the transparency of the Bitcoin mining industry and its positive contribution to grid stability. He counters the EIA’s suggestion that crypto mining poses a risk to grid stability.
He also criticizes the invasion of privacy and exposure of sensitive business information that could result from this data collection mandate. He believes it facilitates targeted attacks against the crypto mining industry.
Biden Administration’s Bias towards CBDC
Morgenstern extends his criticism to the broader policy towards Bitcoin by the Biden administration. He suggests a bias towards a Central Bank Digital Currency (CBDC) and a desire for greater control over financial transactions.
He cites a document that reveals the administration’s agenda to “limit or eliminate” Bitcoin mining. He raises legal concerns about potential violations by the EIA’s directive.
Hot Take: Concerns about Government Bias and Control
Morgenstern’s criticism raises concerns about a potential political attack on the Bitcoin and crypto sector. He suggests that the government’s actions, including the EIA’s data collection mandate, indicate a desire for greater control over financial transactions.
He also questions the legality of the directive and highlights the administration’s proposed tax on electricity use by specific users, which contradicts their goal of increasing access to electricity for all Americans.
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