The crypto mining industry in the United States is no stranger to regulatory scrutiny. In particular, lawmakers have criticized the industry for its high energy consumption and the perceived environmental impact of mining operations. However, the newly launched Digital Energy Council (DEC) plans to change this narrative. Founded by Thomas Mapes, who previously held prominent positions in the energy sector, DEC aims to highlight the positive contribution of crypto miners to the energy landscape.
Increasingly, crypto miners are turning into significant players in the energy market. Backed by the technology’s inherent flexibility, miners are providing energy to the grid during times of demand or purchasing excess energy that would otherwise govto waste. Despite these benefits, this view of miners as vital components of the energy ecosystem clashes with the perception from many lawmakers.
Several legislations have been introduced over the past year targeting the crypto mining industry. One such legislation accuses miners of “sucking megawatt after megawatt from our public grids” only to line their pockets. In addition, the potential 30% digital asset mining excise tax proposed by President Joe Biden and the White House’s report on crypto mining’s environmental impact seem to bolster the negative perspective on the industry.
However, Mapes and the DEC hope to reframe this debate by showing miners as energy companies of the future. According to Mapes, “energy companies, utility companies, power providers — the big majors — all [will be] taking a look at this new technology and figuring out ways they can get involved.” Advocating for the interests of crypto miners, DEC’s lobbying efforts will initially target the U.S. However, the organization is built on a global digital asset mining community with key founding members including several publicly listed crypto mining and energy firms.
In essence, the DEC aims to dispel misconceptions and misunderstanding about crypto mining, especially around energy use and sustainability. The organization’s focus on creating a more nuanced conversation about the role of crypto miners within the energy ecosystem is a move towards greater recognition and acceptance of digital asset mining in the U.S. and beyond. It performs the delicate act of navigating the thin line between advocating for the industry’s growth and navigating the multifaceted regulatory issues around digital assets. This could mark the beginnings of a critical shift in how this nascent industry is viewed by lawmakers and the public.
Source: Cointelegraph
