Crypto
Crypto Miners Fight Federal Agencies’ Demands To Reveal Energy Use
![Crypto Miners Fight Federal Agencies’ Demands To Reveal Energy Use](https://imageio.forbes.com/specials-images/imageserve/65d91674f7b5f4bd74dc5b32/0x0.jpg?format=jpg&height=900&width=1600&fit=bounds)
Workers install a new row of Bitcoin mining machines at the Whinstone US Bitcoin mining facility in Rockdale, Texas, on October 9, 2021.
AFP /AFP via Getty Images
Lawyers representing a crypto trade group that includes one of the nationâs largest bitcoin mining companies have scored an interim victory in their scramble to stop the federal governmentâs attempt to collect data about their energy usage.
On Friday, a federal judge in Texas temporarily halted the governmentâs use of a mandatory survey, which would have forced companies to disclose how much electricity they use and from which suppliers, along with the computing capacity of the mining equipment.
The emergency hearing came just one day after the Texas Blockchain Council sued the Department of Energy and other federal agencies over the proposed survey. Now, the case is effectively halted for at least the next four weeks.
Earlier this month, the EIA concluded that every year, the crypto mining industry uses approximately â0.6% to 2.3% of U.S. electricity consumption.â
âThe increased demand associated with cryptocurrency mining can present challenges to the operation of electricity grids,â the agency also wrote.
Chris Higginbotham, a spokesperson for the Energy Information Administration, declined to comment on the case. The Department of Energy did not respond to Forbesâ request for comment.
âThis is a case about sloppy government process, contrived and self-inflicted
urgency, and invasive government data collection,â the Texas Blockchain Council wrote in their complaint.
According to one of the court filings, the administrator of the EIA decided to accelerate the survey due to bitcoinâs recent price increase and the higher demand for energy during winter months.
The cryptomining industryâs rising energy use has concerned many government officials at the local, state and federal levels in recent years.
In 2023, state lawmakers in Pennsylvania began new efforts to re-examine the industryâs effects on that stateâs environment.
Nearly two years ago, the White House put out a fact sheet about the impact of cryptocurrency mining, which noted: âDepending on the energy intensity of the technology and the sources of electricity used, the rapid growth of crypto-assets could potentially hinder broader efforts to achieve U.S. climate commitments to reach net-zero carbon pollution.â
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Crypto
Bitcoin Falls Below $63K, Recovers Swiftly To $64K: What Is Going On?
![Bitcoin Falls Below $63K, Recovers Swiftly To $64K: What Is Going On?](https://cdn.benzinga.com/files/images/story/2024/07/16/Halving-Crypto-Currency-Bitcoin-With-Lin.jpeg?width=1200&height=800&fit=crop)
Following a massive transfer of Bitcoin BTC/USD by the defunct exchange Mt. Gox, the world’s largest cryptocurrency briefly fell under $63,000 in Tuesday’s Asian trading session but has since rallied into the New York open.
What Happened: According to CoinDesk, an initial transfer of 0.021 BTC ($1,000) to a blockchain address was followed by a significant movement of 44,527 BTC ($2.84 billion) to an internal wallet. This activity, tracked by Arkham Intelligence, is likely connected to Mt. Gox’s repayment plan. Crypto exchange Kraken has confirmed receiving funds and plans to distribute them over the next two weeks.
Mt. Gox, once the largest bitcoin exchange, collapsed in 2014 after losing a substantial amount of bitcoin in a hack. The exchange started repaying its debt on July 4, raising concerns about potential mass selling by creditors.
See Also: Odds Of Trump Presidency Raised To All-Time High By Crypto Bettors After Assassination Bid
Why It Matters: The volatile price action comes after Todd Gordon, founder of Inside Edge Capital, predicted that Bitcoin could surpass $100,000 this year, driven by the formation of a pro-crypto Republican presidential ticket featuring Donald Trump and J.D. Vance.
However, analysts have cautioned that Bitcoin’s recent rallies may be short-lived. According to Bitfinex analysts, while Bitcoin breached the $64,000 level for the first time in over three weeks, the positive momentum might not sustain. They advised closely monitoring the situation before drawing any firm conclusions.
Bitcoin’s rebound has garnered attention from notable figures in the tech industry. Michael Dell, founder of Dell Technologies Inc. DELL, recently called Bitcoin “fascinating” in response to BlackRock CEO Larry Fink‘s bullish stance on the cryptocurrency. Dell’s comments echo growing interest and recognition of Bitcoin as a legitimate financial instrument among influential tech leaders.
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This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Image: Shutterstock
Crypto
Donald Trump’s Cryptocurrency Critique is Shaping the Future of Trade
![Donald Trump’s Cryptocurrency Critique is Shaping the Future of Trade](https://img-cdn.thepublive.com/fit-in/1200x675/filters:format(webp)/smstreet/media/media_files/ix87gwLejvNWS4rRuHYD.png)
Cryptocurrency has become a pivotal topic in global financial discourse, with diverse opinions shaping its development and adoption. Among these influential voices is Donald Trump, the former President of the United States. Trump’s perspective on cryptocurrency, characterized by skepticism and caution, continues to shape policies and market sentiment in the US and globally. This article delves into how Trump’s views influence the future of cryptocurrency.
Donald Trump’s Stance on Cryptocurrency
Donald Trump’s stance on cryptocurrency is unequivocally critical. He has consistently expressed concerns about the stability, security, and legitimacy of digital currencies. His famous 2019 tweet stated, “I am not a fan of Bitcoin and other Cryptocurrencies, which are not money, and whose value is highly volatile and based on thin air.” Trump’s skepticism extends to broader issues of financial security and the potential for misuse in illegal activities.
Regulatory Landscape Under Trump’s Administration
Stricter Oversight
During Trump’s presidency, regulatory bodies such as the Financial Crimes Enforcement Network (FinCEN) and the Securities and Exchange Commission (SEC) intensified their oversight of cryptocurrency activities. The administration’s focus was on preventing fraudulent activities, money laundering, and protecting investors from high-risk investments.
Impact on Innovation
While increased regulation aimed to safeguard the financial system, it also posed challenges for innovation within the cryptocurrency space. The regulatory environment under Trump’s administration led to significant compliance costs and operational hurdles for crypto businesses. This cautious approach slowed down the pace of innovation and made the US a less attractive destination for crypto startups.
Global Ripple Effects
Influence on International Policies
Trump’s critical stance on cryptocurrency influenced global regulatory approaches. Countries aligned with the US in financial policies, such as Canada and parts of Europe, adopted a more cautious regulatory stance. This created a global atmosphere of skepticism and wariness towards digital currencies, impacting their adoption and integration into mainstream financial systems.
Market Reactions
Trump’s comments and policies often led to volatility in the global cryptocurrency market. Statements from influential figures like Trump can trigger significant market movements, reflecting investor sentiment and confidence. Trump’s critical views contributed to periods of heightened volatility, affecting prices and market stability.
Post-Presidency Influence
Continued Criticism
Even after leaving office, Trump continues to voice his skepticism about cryptocurrencies. His ongoing criticism reinforces a narrative of caution and doubt within conservative and traditional financial circles. This persistent viewpoint maintains a level of apprehension about digital currencies, influencing both public opinion and policy discussions.
Political and Financial Impact
Trump’s influence extends to political and financial sectors where his opinions shape discussions on regulatory frameworks. His views contribute to the broader debate on how to balance innovation with security in the cryptocurrency domain. Policymakers and regulators consider such perspectives when designing regulations that aim to protect the financial system without stifling technological advancements.
The Future of Cryptocurrency Regulation
Potential for Balanced Regulations
While Trump’s critical stance highlights the need for stringent oversight, it also underscores the importance of balanced regulations. Future regulatory frameworks may seek to address the concerns raised by Trump, such as security and stability, while also fostering innovation and growth in the cryptocurrency industry.
Adoption of Central Bank Digital Currencies (CBDCs)
Trump’s skepticism towards decentralized cryptocurrencies may accelerate the adoption of Central Bank Digital Currencies (CBDCs). Governments worldwide are exploring CBDCs as a way to leverage blockchain technology within a regulated and controlled framework. The development of CBDCs could provide a middle ground, addressing concerns about stability and misuse while promoting digital currency adoption.
Conclusion
Donald Trump’s perspective on cryptocurrency continues to wield significant influence over the future of digital currencies in the US and globally. His critical stance has shaped regulatory approaches, market sentiment, and policy discussions. As the cryptocurrency landscape evolves, the balance between regulation and innovation will be crucial in determining its trajectory. Understanding Trump’s influence helps in navigating the complex interplay between skepticism and adoption in the ever-evolving world of cryptocurrency.
Note: By examining Donald Trump’s cryptocurrency perspective, this article aims to provide a comprehensive understanding of its impact on the future of digital currencies. It offers insights for investors, policymakers, and enthusiasts, highlighting the critical issues shaping the global cryptocurrency landscape. However, this is the author’s personal observation and can be disagreed or challenged by anyone.
Crypto
Greece Grapples With Cryptocurrency Tax Gap As Adoption Rises
![Greece Grapples With Cryptocurrency Tax Gap As Adoption Rises](https://greekcitytimes.com/wp-content/uploads/2021/01/istockphoto-487177963-612x612-1.jpg)
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