The new advocacy group already represents over half the country’s Bitcoin hash rate and will seek to shape energy policy and champion Bitcoin and blockchain.
Cryptocurrency miners have a new voice in Washington with the launch of the Digital Power Network (DPN), a new coalition affiliated with the Chamber of Digital Commerce. The network is off to a promising start, with many of the United States’ biggest miners on board.
The DPN is the first affiliate of the Chamber, and shares many of the same team members. Its origins stretch back to the Chamber’s Mining Initiative, which “pioneering the introduction of the first pro-proof-of-work resolution in the U.S. House of Representatives.”
Alena Ricci, vice present of marketing at the Chamber and head of marketing at the DPN, explained to Cointelegraph that the resolution was submitted by Texas congressman Pete Sessions in March. “Bitcoin Mining will play a critical role in rebuilding energy independence in the USA,” Sessions tweeted at the time.
The DPN is debuting with 11 members – Argo, BitDigital, BitFarms, Coinmint, Cipher Mining, DigitHost, Hive, Marathon, Riot, Sustainable Bitcoin Protocol and Terawulf. Together they represent over 50% of the U.S. Bitcoin (BTC) hash rate, the DPN said. According to a statement:
“The Digital Power Network spearheads policy advocacy for digital asset mining and shapes the future of energy policy. Its mission is to champion Bitcoin and blockchain technology to revolutionize energy markets.”
The DPN has its work cut out for it. A bill reintroduced into Congress in March, prior to Sessions’ resolution, would require the Environmental Protection Agency to investigate crypto miners. The Biden Administration included a 30% tax on electricity used by crypto miners in its FY2024 budget, although that proposal may have been dropped.
Exciting News!— Perianne (@PerianneDC) September 19, 2023
Today, we're thrilled to announce the launch of @digitalpowerUS, a visionary consortium that's set to revolutionize the energy landscape! Representing over 50% of U.S. #Bitcoin Hash Rate, this initiative is a game-changer for the future of energy policy. pic.twitter.com/8wtpRy1dyD
The DPN will work alongside the Digital Energy Council, a lobbying group founded in August by former Chamber director of energy policy Thomas Mapes.