Cryptocurrency miners in the United States now have a formidable ally in Washington with the advent of the Digital Power Network (DPN). Affiliated with the established Chamber of Digital Commerce, DPN boasts significant backing from many of the country’s prominent miners.
DPN’s roots trace back to the Chamber’s Mining Initiative, which was groundbreaking in bringing forth the first pro-proof-of-work resolution in the U.S. House of Representatives. Alena Ricci, who plays a pivotal role in both the Chamber and the DPN, clarified the initiative’s history, referencing its endorsement by Texas congressman Pete Sessions. Highlighting the potential impact of Bitcoin mining on the nation’s energy independence, Sessions’ perspective underlined the significance of cryptocurrency in reshaping the energy landscape.
The DPN’s inauguration is supported by a consortium of 11 major players in the cryptocurrency mining arena, namely Argo, BitDigital, BitFarms, Coinmint, Cipher Mining, DigitHost, Hive, Marathon, Riot, Sustainable Bitcoin Protocol, and Terawulf. Collectively, they command more than half of the Bitcoin hash rate in the U.S. The DPN’s mission is clear: to fervently advocate for digital asset mining policy and lead the reformation of energy policy. In essence, they aim to position Bitcoin and blockchain as the catalysts for a transformative energy market.
However, challenges lie ahead for the DPN. Earlier in the year, a bill sought to bring crypto miners under the Environmental Protection Agency’s scrutiny. Additionally, the Biden Administration’s proposition to levy a 30% tax on electricity harnessed by crypto miners, although possibly now off the table, indicates the hurdles the DPN may have to navigate. To bolster its efforts, the DPN will collaborate with the Digital Energy Council, an initiative spearheaded by Thomas Mapes, the former energy policy director at the Chamber.
In the evolving dialogue surrounding cryptocurrency and its environmental implications, the formation of the DPN underscores the mining community’s commitment to shaping future policy and ensuring their interests are aptly represented at the highest echelons of governance.
Get $200 Free Bitcoins every hour! No Deposit No Credit Card required. Sign Up