The US cryptocurrency mining sector is coming together to establish a new advocacy group, aiming to address misperceptions among policymakers about its environmental sustainability.
Named the Digital Energy Council, the organization was founded on August 15 with the primary objective of promoting policies that support the growth of digital asset mining and energy development.
Thomas Mapes, the founder and chairman of the council, noted that the digital asset mining industry has been in need of a unified voice in Washington for quite some time. Mapes, formerly the Director of Energy for the Digital Chamber of Commerce and Chief of Staff at the US Department of Energy, emphasized that cryptocurrency mining companies play a significant role in the energy ecosystem by contributing energy to the grid during peak demand and purchasing excess energy that would otherwise go to waste.
Despite these contributions, Mapes explained that many lawmakers still perceive the industry differently. He pointed out that the past year has seen a steady stream of legislation targeting the sector, including accusations of draining power from the public grid and emitting substantial gases purely for profit .
Mapes highlighted instances such as President Biden's proposal for a 30 percent excise tax on digital asset mining and the White House's report on the environmental consequences of cryptocurrency mining. He confirmed that the association already has several founding members , including both cryptocurrency mining and energy companies, some of which are publicly traded. The association's current focus will be on the United States, covering membership and lobbying efforts in the country.
