“Conifex continues to believe that the provincial government is missing out on several opportunities available to it to improve energy affordability, accelerate technological innovation, strengthen the reliability and resiliency of the power distribution grid in British Columbia, and achieve more inclusive economic growth,” Conifex said in a public statement to the press. Source
Beijing released an updated implementation plan for strengthening energy conservation, explicitly stating measures that will crack down on cryptocurrency mining activities. The Beijing Municipal Development and Reform Commission, along with 11 other departments, issued a detailed notice underscoring their commitment to a dual control system of energy consumption and carbon emissions. Beijing, China, requires strengthening the monitoring and analysis of cryptocurrency mining activities in 2024 and resolutely cracking down on cryptocurrency-related mining activities in Beijing in accordance with laws and regulations. https://t.co/uY6eUTc3Vx — Wu Blockchain (@WuBlockchain) February 4, 2024 This…
The U.S. Energy Information Administration (EIA) is announcing that it will be carefully examining crypto mining operations in the country. In a recent press release, the EIA, a statistical and analytical agency within the U.S. Department of Energy, says that it wants to keep track of how much electricity is being used by US firms that mine digital assets. The EIA also says it will be asking the public for its opinion on the energy data it collects from the companies. “The U.S. Energy Information Administration is initiating a provisional…
The U.S. government has announced a new initiative to keep tabs on the energy consumption of cryptocurrency mining operations. The Energy Information Administration (EIA) will soon embark on a data-gathering mission, engaging directly with commercial crypto miners to gather comprehensive details regarding their energy usage. Starting next week, this exercise aims to highlight the evolving energy patterns related to crypto mining, pinpoint areas of concentrated growth, and shed light on the energy sources underpinning this digital asset creation. Authorized under an urgent data collection directive by the White House Office…
In recent developments, two California school district officials have admitted guilty to stealing up to $1.8 million and misappropriating electricity to finance and operate a clandestine crypto-mining operation. The United States Department of Justice (DOJ) disclosed that Jeffrey Menge, former Assistant Superintendent and Chief Business Officer of Patterson Joint Unified School District, and Eric Drabert, the district’s IT Director, pleaded guilty to charges of theft concerning programs receiving federal funds. Fraudulent Billing Scandal According to the DOJ’s statement, Menge, as Assistant Superintendent, hired Drabert as the school district’s IT director…
For instance, the justification for the emergency order, granted by the Office of Management and Budget, was the recent crypto price rally, which saw bitcoin climb over 50% in a matter of months, which the EIA said would “incentivize more cryptomining activity, which in turn increases electricity consumption.” Original
Marathon Digital has finalized a deal with Hut 8 to take over the operational control of Bitcoin mining sites by paying a termination fee of $13.5 million. Marathon’s control of the mining sites in Granbury, Texas, and Kearney, Neb., slated for completion by April 30, follows Marathon’s Jan. 16 acquisition of the sites for $178.6 million. Hut 8 has managed operations under a contract inherited from a previous merger, valued at $1.2 million per month. The transition aims to enhance Marathon’s operational efficiency and cost-effectiveness in Bitcoin (BTC) mining at…
Residents of Granbury, Texas, are facing unprecedented disturbances, health issues, and environmental crises due to a local Bitcoin mining operation, as reported by TIME. The continuous sound from the mining facilities has become a nightly ordeal for locals, as several residents have complained about migraines and sleep issues. There are also reports of wildlife disappearing from the area due to these noises. Bitcoin mining facilities have significantly increased across the U.S., with Texas emerging as a hub due to its affordable energy, land availability, and favorable regulations. As of 2023,…
“When I read the press release and the filing my initial thought was, Interesting. Maybe this will turn out to be a net positive for the industry,” Bent wrote. However, after digging deeper, he called the survey “one of the more Orwellian things I’ve seen come out of this Administration,” as it requires very granular data, such as specific information about mining fleets and hash rate data. Source
Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated. The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is an award-winning media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. In November 2023, CoinDesk was acquired by Bullish group, owner of Bullish, a regulated, institutional digital assets exchange. Bullish group is majority owned by Block.one; both groups have interests in a variety of…