US Crypto Mining Industry Forms DEC to Address Wrong Beliefs About Sustainability
Dubbed the Digital Energy Council (DEC), the team is in Washington DC and was established on the 15th of August.
The US crypto mining sector has created a lobby group targeted at dispelling misconceptions about its sustainability. Majorly, the DEC wants to address the misbelief about its sustainability with policymakers. The US government has kept an eagle eye over the crypto-mining industry for a while. As much as exchanges have had their share of the persisting scrutiny, miners are also in the same boat. The sector has been at the receiving end of multiple actions and has been queried about sustainability and emissions.
The Crypto-Asset Environmental Transparency Act was introduced in Congress in March. At the time, miners were accused of exploiting large amounts of power from public grids. Part of the accusation was that the crypto miners emit vast greenhouse gasses. Hence, the bill seeks that mining firms disclose emissions that utilize over 5 megawatts of power.
Digital Energy Council (DEC) Kickstarts in US
Now, the DEC founder and president Thomas Mapes stated that it was high time digital asset miners had a unified voice in Washington. As a matter of fact, Mapes said the action was “long overdue”. As the first member associated, the founder said the group will focus on the “intersection of digital asset mining and energy policy at the federal level”.
Its official 🚨 first member association solely focused on the intersection of digital asset mining and energy ⚡️ policy at the federal level, look forward to working with digital asset and energy leaders check it out: https://t.co/kBFRkXHTNy https://t.co/kzNhtfxYZi
— Tom Mapes (@tommapes88) August 16, 2023
After years of service as the chief of staff at the US Department of Energy’s Office of International Affairs, the DEC president was also the director of energy at the Chamber of Digital Commerce. According to Mapes, he began to understand the importance of crypto-mining firms to the energy ecosystem. Referring to some of the advantages, he mentioned purchasing excess energy that would have been useless. He also noted providing energy to the grid during demand. He declared his vision about crypto companies serving the same roles as energy companies in the future.
“I see energy companies, utility companies, power providers – the big majors – all taking a look at this new technology and figuring out ways they can get involved in this.”
His opinion about crypto companies appears to be different from US lawmakers, which is why the DEC is committed to correcting misconceptions. Besides clearing the air around the sustainability of mining activities, the DEC also plans to advocate for policies supporting US crypto mining and energy development.
The CEO of one of the DEC member companies, Zach Bradford, said the DEC is the only group in Washington in the US that targets mining and energy abundance. He also referred to politics as a team sport requiring dedication and intense efforts.
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Ibukun is a crypto/finance writer interested in passing relevant information, using non-complex words to reach all kinds of audience.
Apart from writing, she likes to see movies, cook, and explore restaurants in the city of Lagos, where she resides.
