In the recent SlateCast episode, President Lee Bratcher, Chairman of the Texas Blockchain Council, discussed the controversial emergency survey recently issued by the Energy Information Administration (EIA) regarding the use of Bitcoin mining energy. As Bratcher explained:
“[The EIA] created this farce of an emergency and rushed it through without the notice and comment period.”
He elaborated that the survey asked for proprietary information and did not follow proper procedures, leading to a lawsuit from the Texas Blockchain Council.
Political pressure behind the scenes
According to Bratcher, it was clear that Senator Elizabeth Warren strongly influenced the EIA’s decision to issue this Bitcoin mining survey. Warren specifically asked the Secretary of Energy to investigate Bitcoin energy use and explained that she expects data to be collected before the next briefing.
With this context, Bratcher believes that the EIA faced undue and inappropriate political pressure that led it to breach due process and fairness, ultimately necessitating the lawsuit from the Texas Blockchain Council.
Although Warren had reasonable intentions to understand Bitcoin’s climate impact, Bratcher argues that her claims failed to recognize the benefits and placed undue scrutiny on Bitcoin miners.
Future use of renewable energy
Bratcher doesn’t believe Bitcoin mining will ever rely entirely 100% on renewable energy, but anticipates a future mix that includes stranded or wasted gases. He points to projects that already divert natural gas that would otherwise be flared into generators that power Bitcoin mining. This reuse offers environmental benefits compared to releasing unused gas.
While likely not enough to fully power Bitcoin mining, these stranded energy sources, coupled with growth in solar, wind, and other renewables, could significantly reduce the carbon footprint of mining while still utilizing fossil fuels when available.
Bratcher outlines an optimistic view that with the right policies, much of Bitcoin’s energy could one day come from renewable energy and waste gas.
Bitcoin Mining in Texas
When asked about the benefits that Texas Bitcoin mining companies offer, Bratcher emphasized:
“It’s really around our energy-only market … you’re able to create a power trading strategy that’s probably more important than your operating strategy, or at least equally important and, and that’s why Texas is the best place in the world is to open up. a business or mine Bitcoin specifically.”
He did warn new mining companies that “this is a very competitive industry, and people get ruined, especially if you try to jump in without experienced operators.”
Ideal resolution with the EIA
Now that the EIA has revoked the original Bitcoin emergency survey, Bratcher hopes they will take the opportunity to do a fair and thorough data center survey. Ideally, this would ask standardized questions about energy consumption across industries, enabling fair comparison and performance benchmarking.
Importantly, Bratcher emphasizes that the Texas Blockchain Council welcomes the sharing of energy consumption information as long as proprietary or sensitive details are protected. He advocates that miners’ contributions to grid stability should be offset. An improved survey could allow miners to showcase their energy resilience and network benefits.
Bratcher seeks cooperative transparency, not adversarial obfuscation, to resolve the recording controversy. He added:
“We like to share information about energy consumption, and we like to share. It would be great if they ask a question about our performance on the gridiron, and we can give them some data on how we’re doing.”
The full SlateCast episode provides an in-depth look at the Bitcoin mining industry in Texas and the policy issues surrounding it. Bratcher makes a strong case for the benefits that Bitcoin mining can offer, while also acknowledging fair concerns.
With Bitcoin poised to remain a growing industry, debates like this are likely to continue around its energy consumption and impact on grids. Watch the full podcast below:
NEW PODCAST 🎙️ Texas Blockchain Council challenges controversial #Bitcoin mining energy survey
Featuring @lee_bratcher from @TXblockchain_ co-hosting @akibablade and @NateWhitehill pic.twitter.com/k6kJqYALLW
— CryptoSlate (@CryptoSlate) February 29, 2024
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