On August 15, a significant development unfolded in the digital assets mining scene, as the formal introduction of the Digital Energy Council took place. This group, dedicated to cryptocurrency miners, now takes on the mantle of being the vital link in shaping discussions with policymakers based in Washington. These discussions will center on the sustainability of crypto mining and the advancement of fundamental policies which could foster growth within the sector.
The group’s creation is not just a welcomed initiative within the community, but also a major collaborative effort, spotlighting a commitment toward upholding the interests of miners while simultaneously safeguarding energy laws within the United States. This protective stance is particularly relevant as it is meant to “promote responsible and sustainable energy development, grid resilience, maintain U.S. competitiveness, and protect national security,” as expressed in an official statement.
Thomas Mapes, the founder and President of the group, noted that for the time being, the focus would predominantly be on matters within the United States, with the potential for overseas expansion in the future. Looking at the strain built on the industry by opposing legislations presented against the sector, Mapes added that this measure has been “long overdue” to remold the narrative.
A major obstacle crypto miners encountered this year came in the form of the proposed 30% tax on digital asset mining introduced by the Biden Administration. This proposal was firmly rooted in environmental concerns related to digital asset mining. Prior to this development, a wave of sharp criticism had already been expressed by climate change activists and politicians, accusing miners of environmental harm due to their heightened energy consumption.
Outside of the United States, the enacted mining ban in China is another example of the hurdles faced, which curtailed the growth of the sector and cast a bearish shadow on the market. This move accentuated the necessity for positive legislation to protect the interests of digital assets.
The creation of the Digital Energy Council, in which several major digital asset firms and mining companies participate, signifies an important step toward changing the narrative. It seeks to redress misconceptions and build a strong defense against unfavorable legislations that hinder the potential growth of this exciting future industry.