Biden administration halts notorious Bitcoin mining investigation amid legal backlash

The U.S. Energy Information Administration (EIA) has agreed to destroy data collected so far to end a lawsuit filed by several industry players, including Riot Platforms and the Texas Blockchain Commission.

The U.S. Energy Information Administration (EIA) has agreed to halt an emergency investigation into Bitcoin miners as part of a deal to end a lawsuit filed by several industry players, including the Texas Blockchain Commission.

According to a March 1 court filing, the EIA must destroy any investigative information it has received as well as information it has not yet received. It must also quarantine or keep the data confidential before it is destroyed.

The controversial survey aims to collect data on how much energy miners use. However, the industry responded with a lawsuit, arguing that the investigation would cause "irreparable operational damage" by forcing miners to reveal "confidential information."

Terms of Agreement

As part of the agreement, EIA will publish a new notice in the Federal Register to restart the investigation process from scratch, rescinding and replacing the notice issued on February 9 without soliciting comments and feedback.

The new notice must allow for a 60-day comment period, after which EIA can conduct an investigation under specific statutory and regulatory provisions.

In addition, the EIA must consider comments submitted on the new notice and the February 9 notice as well as those submitted on the new notice.

EIA and the other defendants will also pay the plaintiffs (Riot Platforms and the Texas Blockchain Commission) $2,199.45 to cover legal fees and litigation.

controversial investigation

EIA began collecting data from mining companies in late January after the Office of Management and Budget (OMB) authorized the investigation as an emergency request. The controversial investigation is closely tied to the policies of the Biden administration, particularly energy policies outlined in its Inflation Reduction Act of 2022.

The agency is concerned that Bitcoin mining could accelerate as prices rise, leading to increased energy consumption during periods of high demand and cold weather.

Republican Congressman Tom Emmer, who has expressed opposition to the investigation, expressed his opposition on February 22. In addition to denying that Bitcoin mining posed a threat, Emmer also pointed out that the EIA justified the investigation based on emergency policies but failed to introduce the required comment period.

Industry players, including Riot Platforms, the Chamber of Digital Commerce and the Texas Blockchain Commission, filed lawsuits challenging the investigation, which resulted in a court granting a temporary stay until March 24.

Following legal action, the EIA suspended attempts to collect the data on February 24. #比特币挖矿 #调查

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