Cryptocurrency miners in the U.S. now have a formidable advocate in Washington – the Digital Power Network (DPN). Associated closely with the Chamber of Digital Commerce, this nascent coalition has garnered support from major American mining firms.
The Inception of Digital Power Network and Its Roots
Emerging as the first affiliate of the Chamber of Digital Commerce, the Digital Power Network boasts several shared team members. Its inception can be traced back to the Chamber’s Mining Initiative, responsible for the groundbreaking introduction of the U.S. House of Representatives’ initial pro-proof-of-work resolution.
Alena Ricci, the Chamber’s Vice President of Marketing and the DPN’s Marketing Head, elucidated the resolution’s significance. Texas Congressman Pete Sessions tabled it in March. Emphasizing its potential, Sessions tweeted, “Bitcoin Mining is pivotal in restoring the USA’s energy independence.”
Making its debut, the DPN roster includes 11 illustrious members. These are Argo, BitDigital, BitFarms, Coinmint, Cipher Mining, DigitHost, Hive, Marathon, Riot, Sustainable Bitcoin Protocol, and Terawulf. They command over half of the U.S. Bitcoin hash rate, per DPN’s statement.
A Future-Driven Mission
The Digital Power Network is on a mission. Their official statement reads, “The Digital Power Network is at the forefront of policy advocacy for digital asset mining, shaping energy’s future landscape. Our primary aim is to champion Bitcoin and blockchain innovations, transforming energy markets.”
Despite the momentum, challenges loom. A legislative proposal resurfaced in March before Sessions’ resolution calling for the Environmental Protection Agency’s scrutiny of crypto miners. Moreover, the Biden Administration’s FY2024 budget initially proposed a hefty 30% tax on electricity harnessed by crypto miners. However, that proposal is unlikely to gain sufficient support and approval to be put into law.
Simultaneously, the DPN plans to collaborate closely with the Digital Energy Council. This influential lobbying group, established in August, was the brainchild of the Chamber’s former Energy Policy Director, Thomas Mapes.
The road ahead for the Digital Power Network promises both challenges and collaborations. With the weight of influential members and the aim to redefine energy policy, DPN stands at the cusp of a transformative era for cryptocurrency miners in the U.S.
Disclaimer
Please note that the information provided on this page is not intended to be and should not be interpreted as legal, tax, investment, financial, or any other form of advice. It is important to only invest what you can afford to lose and to seek independent financial advice if you have any doubts. For further information, we suggest referring to the terms and conditions as well as the help and support pages provided by the issuer or advertiser. CryptoMode is committed to accurate, unbiased reporting, but market conditions are subject to change without notice.
