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- A significant dispute has emerged between Bitcoin
miners and US energy agencies such as DOW, EIA, OMB over data collection regarding the energy consumption of crypto miners. - Senator Lummis highlights the positive impact of Bitcoin mining on America’s energy grids and the development of new energy sources.
- Lummis’s statements reflect a long-term defense effort supporting Bitcoin mining as a beneficial contribution to America’s energy sector.
Following the recent moves by Bitcoin miners in the US, Senator Cynthia Lummis has decided to support Bitcoin miners.
Lummis Advocates for Bitcoin Miners
On Friday, a significant disagreement arose between Bitcoin miners and US energy agencies such as DOW, EIA, OMB over data collection regarding the energy consumption of crypto miners. Immediately after the Texas Blockchain Council filed a lawsuit against US energy agencies, the Department of Energy announced a decision to temporarily halt the Bitcoin mining survey.
Senator Cynthia Lummis celebrates a significant milestone at the intersection of Bitcoin and American energy policies, applauding the controversial decision of the Energy Information Administration (EIA) to temporarily suspend a survey. Lummis emphasizes the importance of defending American innovation against regulatory overreach.
Senator Lummis highlights the positive impact of Bitcoin mining on America’s energy grids and the development of new energy sources. Expressing satisfaction with the EIA’s suspension of the intrusive survey, Lummis extends a warm invitation to Bitcoin miners to explore opportunities in Wyoming.
Lummis’s statements reflect a long-term defense effort supporting Bitcoin mining as a beneficial contribution to America’s energy sector. Additionally, she expressed her support for legitimate players like Coinbase in their battles against the US SEC.
How BTC Miners Can Contribute to America’s Energy Grids
Bitcoin can revolutionize renewable energy production by providing solutions to the fundamental challenges faced by the industry. Currently, renewable energy sources like solar and wind struggle with reliability, cost, and grid integration. Bitcoin mining presents a solution to these problems.
Solar and wind energy are intermittent, producing energy only when the sun is shining or the wind is blowing. Most of this energy goes to waste when demand is low, leading to curtailment. For example, California is expected to curtail 5 million megawatt-hours by 2030, exceeding the combined energy consumption of the underlying 36 countries. Bitcoin miners can increase revenue for renewable energy production by purchasing excess energy from renewable farms and reduce the need for taxpayer incentives. This creates a mutually beneficial scenario.
Moreover, miners can assist in smoothing intermittent renewable energy production by participating in grid balancing services. Miners help stabilize the grid by consuming excess energy from renewable sources and adjusting their energy consumption when demand peaks. This ensures reliable power for essential services like hospitals and businesses while keeping energy prices low. Overall, Bitcoin mining provides an opportunity to enhance the efficiency and sustainability of renewable energy systems.