The U.S. Energy Information Administration (EIA) has embarked on a path to enhance its oversight of cryptocurrency mining activities, marking a significant development in the regulatory landscape. Dennis Porter, the CEO and co-founder of the Satoshi Action Fund, revealed that cryptocurrency miners across the nation have been targeted by the EIA, receiving official notices compelling them to disclose data concerning their energy consumption practices.
According to reports, cryptocurrency miners are being directed to complete the comprehensive EIA-862 Cryptocurrency Mining Facilities Report. This extensive questionnaire delves into various facets of their operations, including the identification of the mining entity, detailed breakdowns of electricity consumption at each mining facility, and the respective energy suppliers facilitating these operations during the specified timeframe.
Moreover, the questionnaire extends its inquiries to encompass the specifics of the mining hardware utilized, such as its age, power load characteristics, and the hashHash The cryptographic function that identifies blocks in the blockchain. rate generated by these machines. The issuance of these letters comes with a strict deadline, mandating that the requested data be submitted to the EIA by February 23. Non-compliance is not an option, as failure to adhere to these directives could lead to severe consequences, including criminal fines and civil penalties, as stipulated by law within the EIA-862 documentation.
Porter, a prominent figure advocating for Bitcoin regulation at the state level, expressed vehement opposition to the EIA’s approach, citing concerns over the undue interference in an industry with immense potential for growth and innovation. His sentiment reflects broader sentiments within the cryptocurrency community, which views the EIA’s actions as unwarranted and potentially stifling to industry progress.
The EIA’s decision to initiate these data collection efforts received clearance from the Office of Management and Budget (OMB) in January, citing potential public harm stemming from cryptocurrency operations. However, the move has been met with criticism from various quarters, particularly from pro-cryptocurrency mining factions, who perceive it as an encroachment of regulatory authority beyond reasonable bounds.