US DOE Stops Crypto Mining Energy Survey 🛑 After Lawsuit From Riot and Texas Blockchain Council: Report 😮🔌

The US Department of Energy Halts Survey on Crypto Mining Energy Use After Lawsuit

The US Department of Energy (DOE) has decided to temporarily suspend its survey on the energy consumption of crypto mining after facing legal action from two industry firms. The Energy Information Administration (EIA), which is the statistical branch of the DOE, will pause its data-gathering program following the lawsuit filed by Bitcoin mining company Riot and the Texas Blockchain Council (TBC).

According to Reuters, the court filing by Riot and TBC claims that the DOE’s efforts to collect energy data are “unlawful” and that they are being threatened with criminal fines and civil penalties if they do not comply with the survey. The plaintiffs argue that both the EIA and the Office of Management and Budget (OMB) violated regulations by approving the data collection request without proper review.

The probe was initially announced earlier this month, with the EIA expressing interest in understanding the energy implications of crypto mining and identifying areas of growth in the industry. However, this survey has now been put on hold due to the legal challenge.

Key Points:

The US Department of Energy (DOE) has temporarily halted its survey on crypto mining energy use.
The Energy Information Administration (EIA) will pause its data-gathering program after being sued by Riot and TBC.
Riot and TBC claim that the DOE’s efforts to collect energy data are “unlawful.”
The plaintiffs allege that they are being threatened with criminal fines and civil penalties for not participating in the survey.
The probe was initially announced to understand energy implications and identify growth areas in crypto mining.

Criticism of Government Process

Riot and TBC’s lawsuit criticizes what they perceive as a flawed government process surrounding the data collection survey. They argue that the DOE and OMB violated the Paperwork Reduction Act and its implementing regulations. The plaintiffs also claim that the agencies acted arbitrarily and capriciously in violation of the Administrative Procedure Act.

The legal filing highlights the urgency with which the DOE requested approval for the survey, referring to it as “contrived and self-inflicted.” Riot and TBC point out that despite these alleged violations, the EIA proceeded with its information collection and demanded that companies respond to the survey by a specific deadline.

Key Points:

Riot and TBC’s lawsuit criticizes the government process surrounding the data collection survey.
The plaintiffs allege violations of the Paperwork Reduction Act and Administrative Procedure Act.
The legal filing questions the urgency and necessity of the DOE’s request for approval.
Riot and TBC argue that despite these violations, the EIA continued with its information collection.

Implications for Crypto Mining

The temporary halt of the DOE’s survey on crypto mining energy use raises questions about the future regulation of this industry. While some believe that gathering data on energy consumption is necessary for informed decision-making, others view it as unnecessary government intrusion into private businesses.

Key Points:

The suspension of the survey raises questions about future regulation of crypto mining.
Some argue that data collection is necessary for informed decision-making.
Others view it as unnecessary government intrusion into private businesses.

Hot Take: Potential Impact on Crypto Industry

The US Department of Energy’s decision to halt its survey on crypto mining energy use has significant implications for the industry. While some may see this as a victory for Riot and TBC in their legal battle, it also raises concerns about transparency and accountability in the crypto mining sector.

Key Points:

The DOE’s decision has significant implications for the crypto mining industry.
It may be seen as a victory for Riot and TBC in their legal battle.
The decision raises concerns about transparency and accountability in the sector.

In conclusion, the US Department of Energy’s temporary suspension of its survey on crypto mining energy use comes after facing legal action from Riot and the Texas Blockchain Council. The lawsuit raises questions about the government process surrounding data collection and the necessity of such surveys. The decision to halt the survey has implications for the regulation and transparency of the crypto mining industry. It remains to be seen how this legal challenge will shape the future of energy consumption in crypto mining.