Tom Emmer Criticizes Joe Biden’s Blow to Bitcoin Mining

  • Tom Emmer criticizes the Biden administration for what he clearly describes as biased pressure on Bitcoin miners.
  • The Office of Management and Budget (OMB) recently approved an urgent request from the EIA for complete energy consumption data from large Bitcoin mining operations.
  • The request for specific energy consumption data coincides with a broader discussion about the ecological aspect of cryptocurrency mining.

US Representative Majority Auditor Tom Emmer is criticizing the Biden administration’s policy on Bitcoin mining.

Emmer Criticizes Biden Administration’s Policy on Bitcoin Mining

bitcoin-btc

US Representative Majority Auditor Tom Emmer openly criticizes the Biden administration, describing it as biased pressure on Bitcoin miners. According to Emmer, such an action is the use of force against a segment within the growing $2 trillion cryptocurrency industry. The debate is related to an order requiring the Energy Information Administration (EIA) to provide energy consumption data from 82 Bitcoin mining companies.

The Office of Management and Budget (OMB) recently approved an urgent request from the EIA for complete energy consumption data from large Bitcoin mining operations. This action has triggered many debates about the balance between control and autonomy of digital currency transactions.

Bitcoin mining is an energy-intensive activity where transactions are verified, and new bitcoins are created. Critics point out that it has significant environmental impacts due to high energy consumption.

What Emmer objects to is the way the EIA requests this information and then labels it as an “emergency” without presenting evidence of threats to public safety from Bitcoin mining. He believes that this model skips typical regulatory procedures and puts additional pressure on companies, risking punishment or significant penalties for violations. Companies that do not provide the required data could face daily fines of up to $10,000.

Environmental Debate

The request for specific energy consumption data coincides with a broader discussion about the ecological aspect of cryptocurrency mining. The higher the Bitcoin price, the more incentive there is for mining, leading to increased energy consumption. The EIA aims to analyze the impact of cryptocurrency mining on energy consumption in the US using existing data.

However, industry advocates argue that mining operations can operate on renewable energy sources and sometimes claim that they do. This also reflects the flexibility of the sector in response to energy needs, such as voluntarily shutting down during peak hours to manage pressure on the electricity grid.

Scope 3 Climate Policy Objections

Another dimension of Emmer’s criticism is the possibility of using the data collected by the administration to implement Scope 3 climate policies. Such regulatory policies attempt to capture indirect emissions consumed within a company’s supply chain, and these have often faced resistance from other sectors because they are impractical and do not fit into a larger agenda.

Emmer believes that the administration’s actions could be a provocative way to pass these unpopular policies because of public and industry resistance.

Bitcoin Mining Difficulty

Another complexity in this issue is mining difficulty, as the mining difficulty of Bitcoin has recently reached all-time highs by reaching new levels. However, despite the halving event causing a reduction in mining rewards, the number of miners is increasing.

Critics also question whether such measurements highlight a significant threat to the resilience and flexibility of the mining industry, and therefore, whether they pose a significant threat to energy conservation initiatives.

Don't forget to enable notifications for our Twitter account and Telegram channel to stay informed about the latest cryptocurrency news.
spot_imgspot_imgspot_imgspot_img

Latest News

Bitcoin BTC’s Roller Coaster: Plunge and Surge Amid Halving Event and Market Volatility

Explore the dramatic shifts in Bitcoin's price as it navigates through halving aftermath and potential market recoveries.

Exploring Blockchain’s Future: Insights from Gateio’s VC & Web3 Ecosystem Party at TOKEN2049

Join industry leaders from Gate.io and Huawei Cloud as they delve into the future of blockchain and Web3 technologies, following a successful gathering at TOKEN2049 in Dubai.

Bitcoin BTC’s Post-Halving Era Begins: Dominance Stabilizes as Altcoins Rally

Explore the evolving dynamics of the cryptocurrency market following Bitcoin's latest halving, which could set the stage for altcoin success.

Bitcoin Fees Skyrocket, Surpassing Ethereum – Could Ordinals Boost BTC Security?

Discover how Bitcoin fees have soared, the role of Ordinals in this trend, and the potential implications for Bitcoin's security model.

Bitcoin Halving Sparks Market Volatility: Demand Surge Meets Miner Challenges

Discover the key factors driving Bitcoin's trajectory after the halving. Get expert insights into the potential for a supply shock, the role of ETFs, and the challenges faced by miners.
spot_imgspot_imgspot_imgspot_img

PRO Analysis

Litecoin Could Be Preparing for a 20% Rise! Current LTC Analysis

Will Litecoin continue its upward trend? What should LTC investors expect? What are the targets in the current LTC analysis?

Ethereum Might Be Preparing for a Rise! Current ETH Analysis

Ethereum's daily chart has sustained a rise up to $3100 after strong buying in the $2867 - $2950 range. Current ETH Analysis

NEO Launches Uptrend to $25! Current NEO Analysis

Analyzed NEO's 3-hour chart, showing upward trend post $14.80 resistance breakthrough, eyeing $15.18 resistance; potential long positions suggested at $14.636 - $14.448 support range with a stop loss at $13.90, as NEO aims for $25 target amidst over 5% gains.

Is Litecoin Ready to Launch its Rise to $140? Current LTC Analysis

When examining LTC's technical chart, a downward trend is observed in recent days. The nearest support is at the level of 91.86 dollars. The support range between 97.61$ and 99.07$ on the 4-hour chart is significant. For long positions, the support range of 92.41$ - 91.07$ can be expected.

Bitcoin (BTC) Surges Past $70k: Could a Rally to $75k be Next?

Get expert analysis on Bitcoin's breakout above $70,000. Discover what's driving the price action, key levels to watch, and potential scenarios for BTC's near-term future.
Jocelyn Blake
Jocelyn Blakehttps://en.coinotag.com/
Jocelyn Blake is a 29-year-old writer with a particular interest in NFTs (Non-Fungible Tokens). With a love for exploring the latest trends in the cryptocurrency space, Jocelyn provides valuable insights on the world of NFTs.
spot_imgspot_imgspot_imgspot_img

Bitcoin BTC’s Roller Coaster: Plunge and Surge Amid Halving Event and Market Volatility

Explore the dramatic shifts in Bitcoin's price as it navigates through halving aftermath and potential market recoveries.

Exploring Blockchain’s Future: Insights from Gateio’s VC & Web3 Ecosystem Party at TOKEN2049

Join industry leaders from Gate.io and Huawei Cloud as they delve into the future of blockchain and Web3 technologies, following a successful gathering at TOKEN2049 in Dubai.

Bitcoin BTC’s Post-Halving Era Begins: Dominance Stabilizes as Altcoins Rally

Explore the evolving dynamics of the cryptocurrency market following Bitcoin's latest halving, which could set the stage for altcoin success.