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Advocacy group aims to clarify misunderstandings about cryptocurrency mining in Washington, according to its founder.
The cryptocurrency mining sector in the United States is establishing a new lobbying organization, with a primary objective of correcting misunderstandings regarding its sustainability among policymakers.
Inaugurated on August 15, the Digital Energy Council aims to promote policies that foster the expansion of digital asset mining and energy development.
Thomas Mapes, the founder and president of DEC, informed Cointelegraph that it was “long overdue” for digital asset miners to have a consolidated representation in Washington D.C.
Its official first member association solely focused on the intersection of digital asset mining and energy ⚡️ policy at the federal level, look forward to working with digital asset and energy leaders check it out: https://t.co/kBFRkXHTNy https://t.co/kzNhtfxYZi
— Tom Mapes (@tommapes88) August 16, 2023
Mapes previously held the position of director of energy at the Chamber of Digital Commerce. Before that, he was the chief of staff at the U.S. Department of Energy’s Office of International Affairs.
During his tenure at the Energy Department, Mapes began to recognize crypto mining companies as a vital component of the energy ecosystem — supplying energy to the grid during peak demand or acquiring surplus energy that would otherwise remain untapped — among other advantages.
“I view them as energy companies in the future,” he remarked, adding:
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“I see energy companies, utility companies, power providers — the big majors — all taking a look at this new technology and figuring out ways they can get involved in this.”
Nonetheless, Mapes noted that many legislators have not yet perceived the industry in the same manner. “In the past year or so, there have been legislative proposals targeting the industry,” he stated.
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In March, the chair of the Senate Environment and Public Works Committee announced the reintroduction of legislation accusing crypto miners of “sucking megawatt after megawatt from our public grids” and releasing significant amounts of greenhouse gases, “just so they can make a buck for themselves.”
Mapes referenced Biden’s proposed 30% digital asset mining excise tax and the White House’s environmental impact report on crypto mining as additional examples.
He confirmed that the association comprises several founding members, including crypto mining and energy companies — some of which are publicly traded.
Excited to see the launch of the Digital Energy Council, the first association focused on the intersection of energy security and digital asset mining. Their mission to promote responsible energy practices, grid resilience, and economic growth through crypto mining is crucial for
— Daniel Speiss (@DanielSpeiss) August 15, 2023
Mapes added that the association’s membership and lobbying initiatives will currently concentrate exclusively on the U.S.
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