U.S. EIA's Proposed Survey of Miners' Energy Use Garners Industry Feedback

U.S. EIA's Proposed Survey of Miners' Energy Use Garners Industry Feedback

The Energy Information Administration (EIA), a division of the U.S. Department of Energy, is seeking feedback from industry stakeholders on a survey of cryptocurrency miners. This survey is part of the agency's preparation for a proposed rulemaking that will require the survey. The EIA is expected to release a proposed rulemaking by the end of the third quarter, after which the industry will have 60 days to provide feedback on the proposal, followed by a 30-day review and adjustment period. Earlier this year, the agency issued emergency data requests to 82 U.S. bitcoin miners for information on their energy consumption. The move prompted a lawsuit against the EIA by the Texas Blockchain Council and one of its members, Riot Blockchain (RIOT), which led to the agency pausing the data collection effort. In preparing for the second survey, the EIA is seeking input from the cryptocurrency industry in advance. The agency held a public webinar on Tuesday to solicit feedback from cryptocurrency mining companies and industry groups on how the survey should be structured. The EIA's efforts to collect data on cryptocurrency mining energy use are part of a broader trend of government scrutiny of the industry. In recent months, several other U.S. agencies, including the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC), have taken steps to regulate the cryptocurrency market.