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The price of Bitcoin has surpassed $43,000 per bitcoin, up about 200% from its recent lows of $15,000, as the Wall Street legend declared that the US dollar was “finished.”
Now, as the Bitcoin mining industry heads toward a $3.3 trillion earthquake, US President Joe Biden's administration has issued an “urgent data collection request” for those securing the Bitcoin network — fanning the flames of a battle that some see as Bitcoin vs. the United States. dollar.
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The Biden administration this week signed off on an emergency investigation into how much energy bitcoin and cryptocurrency miners use, and the Energy Information Administration (EIA) is set to begin urgently collecting data this coming week.
Bitcoin miners, who use high-powered computers to verify transactions and maintain the Bitcoin blockchain against newly minted coins, will be asked to respond with details of their energy use, as part of an emergency data collection request authorized by the Office of Management and Budget on January 26.
“We intend to continue analyzing and writing about the energy impacts of cryptocurrency mining activities in the United States,” Joe DeCarolis, director of the Energy Information Administration, said in a statement. “We will focus in particular on how energy demand for cryptocurrency mining is evolving, identifying high-growth geographic areas, and identifying the electricity sources used to meet demand for cryptocurrency mining.”
The EIA cited the potential for “public harm” from Bitcoin and mining due to the need to collect data. The Bitcoin mining industry has been criticized for its high energy use, which studies have found can be as much each year as some smaller countries.
“Recognizing that this emergency set is experimental and temporary with the understandable intent that EIA wants to build a new standard set,” the Office of Management and Budget wrote in its approval.
The emergency survey has raised concerns among the bitcoin and cryptocurrency community that it could trigger long-standing fears of a widespread government crackdown on the bitcoin mining industry. Last year, Florida Governor and former US presidential candidate Ron DeSantis warned that the Biden administration was “manipulating Bitcoin” and could end up “killing” it altogether.
“[The] “The Energy Information Administration’s recent move to mandate Bitcoin mining companies to disclose their energy usage is a direct target of the digital asset sector,” the Texas Blockchain Council said. to publish.
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“Biden has declared a federal emergency because bitcoin is winning,” said Pierre Rochard, head of research at Colorado-based bitcoin mining company Riot Platforms. to publish to the tenth, addition: “A $3 trillion deficit, $34 trillion debt, and a bankrupt banking system could be considered an ‘emergency’.”
The massive increase in the supply of US dollars and US debt during the Covid pandemic and lockdowns has galvanized Bitcoin supporters who fear a collapse of the US dollar is imminent.
“Over the past 10 years, all fiat currencies have fallen against the dollar, even as the dollar has collapsed against Bitcoin,” said technology investor and former chief technology investor at CoinbaseCOIN, Balaji Srinivasan. to publish To X.
“Biden vs. Trump is the US election. Bitcoin vs. the dollar is the Internet election. What really matters most? The election doesn't matter much if they lose the printer. Just one or two more orders of magnitude and it will be obvious.”
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