In a recent tweet that gained widespread support across social media platform X, Marty Bent, co-founder of The Standard BTC, minced no words in expressing his disdain for the Biden administration’s latest stance on the bitcoin mining industry.
The uproar stems from the Biden administration’s announcement on February 1 of an emergency data collection initiative aimed at bitcoin mining operations in the US. The survey, conducted by the supposedly “independent” US Energy Information Administration (EIA), a sub-agency of the Department of Energy, has sent shockwaves through the Bitcoin community.
Marty Bent: Ignore the “Emergency” Survey
Dubbed the “Proposed Emergency Survey – Cryptocurrency Mining Facilities,” the U.S. government seems to view the electricity usage of the bitcoin mining industry as a crisis threatening grid stability across the nation. Commenting on Biden’s move, Bent remarked:
“If you are an operator in the bitcoin mining industry in the US, it is imperative that you ignore this survey and tell the EIA, the Department of Energy, and the current administration to f*** off.”
The message has gained massive support from the bitcoin community, sparking a wave of memes. Users are sharing satirical depictions of President Biden in former Premier of the Soviet Union Joseph Stalin’s attire to emphasize their disapproval.
The official press release from the Biden administration states that the EIA will initiate a provisional survey of electricity consumption from identified digital asset mining companies operating in the United States. The survey is authorized as an emergency collection of data, further fueling the controversy. EIA informed that this request for emergency data collection was authorized by the Office of Management and Budget on January 26.
Beginning next week, the EIA will survey commercial digital asset miners, compelling them to provide details related to their energy use. Joe DeCarolis, EIA Administrator, emphasized the agency’s intention to analyze and report on the energy implications of mining activities in the United States. He stated:
“We intend to continue to analyze and write about the energy implications of cryptocurrency mining activities in the United States. We will specifically focus on how the energy demand for cryptocurrency mining is evolving, identify geographic areas of high growth, and quantify the sources of electricity used to meet cryptocurrency mining demand.”
Reports Contrasting Biden’s Stance
In a twist of irony, recent studies contradict the U.S. government’s concerns about Bitcoin’s environmental impact. A November 2023 report by prominent figures in the Bitcoin community and the former president of the Electric Reliability Council of Texas (ERCOT) argued that Bitcoin mining isn’t an energy villain but a hero, aiding clean energy efforts and stabilizing grids.
Bent’s tweet has become a rallying cry for those in the bitcoin mining industry and beyond who see the survey as government interference. The community, displaying a mix of frustration and resistance to what they perceive as unwarranted scrutiny, sets the stage for rising tensions between the Biden administration and Bitcoin miners.
The survey’s outcome and its impact on the Bitcoin mining landscape will undoubtedly be closely watched by stakeholders within and outside the digital asset sphere. In the epic showdown between Bitcoin miners and the Biden administration, one thing’s for sure: the memes will keep coming.