The current EIA Emergency Cryptocurrency Mining Facilities survey held by injunction would require monthly reporting of information from mining facility operators through July 31, 2024. This survey would require the collection of information such as the power price with the power provider, the amount of electricity available under their purchase agreement, the amount of power actually drawn, as well as detailed information on mining hardware such as unit count, hashrate, power draw, and age of mining hardware.
It is spectacular news that this survey has been temporarily halted by Federal District Judge Alan Alright in Waco, Texas, but the final outcome of this lawsuit is still undecided. The next hearing will be tomorrow. It is, in my amateur opinion, very likely that the emergency survey will be permanently halted due to failures to properly follow procedure in the process of moving forward with the survey under emergency grounds.
That would be a spectacular win for the ecosystem, and definitely give miners and the rest of us some time to rally and prepare for other regulatory concerns developing in the ecosystem, but if the case is ultimately decided in that direction it does not mean we are out of the woods yet.
In parallel to the emergency survey, the EIA is looking for a 3 year extension to the data collection requirements under the conventional process with an open comment period. This extension would make no changes to the information requested, or the penalties involved with non-compliance. Regardless of the outcome of the trial in Waco this extension is not part of the emergency survey authorization, and in the process of facilitating the public comment period to my knowledge is not subject to decisions based on the failure to properly follow procedure in initiating the emergency survey. This is still going to happen.
The public comment period is open until April 9, 2024. Comments can be submitted through the Federal Register system here, or by email to Glenn McGrath at [email protected].
I highly encourage you to submit comments, especially if you run any scale of commercial mining operation.
Numerous issues exist with the rationalization, but a few large ones include:
- What relevance off-grid mining operations have to the purpose of this survey, commercial or otherwise, given their operations have no impact on power prices or grid stability being completely disconnected from the power grid.
- What risks might exist for private operations not required to publicly disclose information about hashrate inventory or power consumption in disclosing information about their business operations.
- What merit concerns about grid stability might have overall given the growth and prominence of curtailment strategies and capabilities, as demonstrated in Texas during winter storm Elliot.
- The fact that the survey followed a prolonged period of overtly hostile messaging from the current Executive Administration using a very questionable basis for justification.
- The burden this could pose on larger mining operations in regularly complying and maintaining the information necessary to comply with the survey.
- Why the GPS coordinates of mining facilities are necessary, given the concern is regarding power grid stability and the electrical suppliers are already required information under the survey.
Remember to be respectful, concise, but to the point in any comments. If your intent is simply to meme or make deriding comments towards the agency, this is in no way helpful or constructive. Comments must be submitted by April 9, 2024.
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As of writing, the combined market cap of more than 8,800 BRC-20 tokens was $137 million – a staggering 682% rise from $17.5 million seen a week ago, according to data tracked by Ordinals-builder Ordspace. (For a brief moment early Tuesday, the website showed the total market cap at $2.93 billion. Ordspace said the figure wasn’t accurate and likely resulted from low liquidity in some of the tokens.)
Nevertheless, bitcoin is ahead by about $300 since the interview began, now trading at $23,300. Traditional markets are also reacting, with the Nasdaq up 1.5% and the S&P 500 by 1.1%; the 10-year Treasury yield is lower by four basis points to 3.61%.
Perhaps a fair question is, does the VC world want another Alameda? Although the firm closed 38 deals it wasn’t the biggest investor. That goes to Coinbase Ventures, as Pitchbook puts their deal count at 121. Despite this, Coinbase Ventures just doesn’t have the same profile as Alameda had. Its management team, for example, is lesser-known than Alameda’s high-profile executives.