The crypto mining sector secures vital Washington support via the Digital Power Network (DPN), backed by industry leaders, signifying a pivotal moment in its political advocacy.
In a groundbreaking development, cryptocurrency miners have found a powerful advocate on Capitol Hill with the official launch of the Digital Power Network (DPN), a dynamic coalition affiliated with the Chamber of Digital Commerce. This newly formed alliance is already making waves, as it boasts the support of some of the most prominent mining giants in the United States.
The DPN marks a significant milestone as the inaugural affiliate of the Chamber, sharing a common team and purpose. Its inception traces back to the Chamber’s Mining Initiative, which introduced the first-ever pro-proof-of-work resolution in the U.S. House of Representatives.
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Alena Ricci, Vice President of Marketing at the Chamber and head of marketing at DPN revealed that Texas Congressman Pete Sessions initially submitted the groundbreaking resolution in March. Pete Sessions tweeted, “Bitcoin Mining will play a critical role in rebuilding energy independence in the USA,” underscoring the importance of this initiative.
Digital Power Network (DPN) Dominance And Advocacy
The DPN enters the arena with an impressive lineup of 11 key members, including Argo, BitDigital, BitFarms, Coinmint, Cipher Mining, DigitHost, Hive, Marathon, Riot, Sustainable Bitcoin Protocol, and Terawulf. Collectively, these entities account for a staggering 50% of the U.S. Bitcoin hash rate, valiantly defending the industry’s interests. According to their statement:
βThe 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.β
However, the road ahead is fraught with challenges. Even before Sessions ‘ groundbreaking resolution, a bill reintroduced to Congress in March sought to compel the Environmental Protection Agency to scrutinize cryptocurrency miners. Furthermore, the Biden Administration had initially proposed a 30% tax on the electricity consumed by crypto miners in its FY2024 budget, though this proposition may have since evolved.
The DPN is poised to collaborate closely with the Digital Energy Council, a lobbying entity established in August by the former Chamber Director of Energy Policy, Thomas Mapes. Together, they aim to fortify the position of cryptocurrency miners in the heart of Washington, ensuring their voices are heard and their interests safeguarded in the ever-evolving landscape of digital power networks.