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Cryptogambling / Chamber of Digital Commerce launches Digital Power Network to advocate for miners

Chamber of Digital Commerce launches Digital Power Network to advocate for miners

Publish Date: 20/09/2023
Stock Photo, tags: chamber digital commerce - cdn.pixabay.com

Stock Photo – cdn.pixabay.com

The Chamber of Digital Commerce has announced the launch of the Digital Power Network (DPN), an affiliate organization that aims to represent crypto miners in the United States.

In a concise statement of its mission, the DPN conveyed its goal to take the lead in advocating for policies related to digital asset mining. In doing so, it aims to influence the development of future energy policies, with Bitcoin and blockchain technology playing a central role in transforming the energy market.

Among industry players that have voiced support for the initiative include Argo, BitDigital, BitFarms, Coinmint, Cipher Mining, DigitHost, Hive, Marathon, Riot, Sustainable Bitcoin Protocol and Terawulf. Together, these organizations represent more than 50 percent of the Bitcoin hash rate in the U.S.

The initiative was launched after Congress revisited a proposed bill calling for an Environmental Protection Agency-led investigation into cryptocurrency miners earlier this year. Moreover, the Joe Biden administration’s budget proposal for FY2024 included a 30 percent tax on electricity consumption by these miners. While there are indications that this proposal might be set aside, the situation remains uncertain.

The DPN will work closely with the Digital Energy Council, which is led by Thomas Mapes. Maps was previously in charge of energy policy at the Chamber, giving DPN significant advocacy power.

Bitcoin halving: Impact on miners and strategies for adaptation

The next Bitcoin halving is set to occur in April 2024. This event, recurring approximately every four years, entails a deflationary procedure that reduces the creation of new coins by 50 percent.

The halving of Bitcoin is a major event in cryptocurrency, often causing a historic surge in the token’s value. However, its implications for the mining sector are intricate. It diminishes block rewards, a key source of income for miners.

The upcoming 2024 halving will slash the rewards from 6.25 BTC to 3.125 BTC. This necessitates miners to adjust their approaches to counterbalance the diminished rewards.

Bitcoin mining is a competitive process fueled by Bitcoin’s block time, which typically averages about 10 minutes per block at the protocol level. Regardless of whether the network’s computational power is relatively low at 1 kH/s or surges to 200 million TH/s, the limited block rewards must be divided among miners. This competitive landscape motivates miners to prioritize energy efficiency and the use of economical hardware.

The top concern for miners is the cost of electricity. JPMorgan explains a small change of just 1 cent per kilowatt-hour (kWh) can result in a $3,800 difference in mining cost. Miners are looking into advanced contracts and considering moving to places with cheaper electricity to maintain profits after the halving. They’re also thinking about using stranded gas for power.

Another aspect that miners need to focus on is the efficacy of their mining equipment. For example, transitioning from a rig with a 60 joules per terahash (J/TH) efficiency rating to one with a 22 J/TH rating can reduce daily BTC mining costs by over 63 percent.

Miners with efficient hardware and access to cost-effective electricity are likely to be the most profitable and resilient in the face of significant market shifts such as the impending halving.

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