Digital Power Network Launches to Advocate for US Cryptocurrency Miners
Summary:
The Digital Power Network (DPN), a new advocacy coalition aligned with the Chamber of Digital Commerce, has been launched in Washington, aiming to represent cryptocurrency miners' interests. Several significant U.S. miners have already joined. The DPN focuses on policy advocacy for digital asset mining and shaping the future of energy policy. Its formation comes amidst increased scrutiny of crypto mining activities by the Environmental Protection Agency and potential tax policies. The DPN will collaborate with the Digital Energy Council, another advocacy group.
A new player has emerged on the digital currency scene in Washington, the Digital Power Network (DPN), which has formed a partnership with the Chamber of Digital Commerce. Having secured partnership with several major U.S. crypto miners, the outlook for the DPN seems bright. The DPN, which is an offshoot of the Chamber and composed of a shared staff, has roots in the Chamber's Mining Initiative – this introduced the first resolution supporting proof-of-work in digital mining within the House of Representatives. The resolution was put forward by Rep. Pete Sessions from Texas in March, according to Head of Marketing at the DPN and VP of marketing at the Chamber, Alena Ricci. As tweeted by Sessions, he believes that "Bitcoin Mining will play a critical role in rebuilding energy independence in the USA."
In its inaugural phase, the DPN boasts 11 members, namely Argo, BitDigital, BitFarms, Coinmint, Cipher Mining, DigitHost, Hive, Marathon, Riot, Sustainable Bitcoin Protocol and Terawulf. Collectively, these members contribute over half of the U.S. Bitcoin (BTC) hash rate, according to DPN's statement. The DPN's statement continues: "The Digital Power Network pioneers policy advocacy for digital asset mining and impacts the future of energy policy. Its mission is to elevate Bitcoin and blockchain technology to transform energy markets."
The path before DPN is challenging. A bill demanding that the Environmental Protection Agency scrutinize digital miners was reintroduced in Congress back in March, before Session's resolution. Furthermore, the Biden administration's budget for FY2024 included a potential 30% taxation on electricity consumed by digital miners, although the proposal may no longer be in the offing.
The DPN is set to work cooperatively with the Digital Energy Council, an energy policy lobbying group established in August by Thomas Mapes, former energy policy director at the Chamber.
Published At
9/19/2023 7:58:36 PM
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