- February 25, 2024
- Posted by: legaleseblogger
- Category: Related News
legal-document-to-plain-english-translator/”>Try Free Now: Legalese tool without registration
Riot Platforms and The Texas Blockchain Council Secure Favorable Ruling
Riot Platforms and The Texas Blockchain Council (TBC) have successfully secured a favorable ruling in their lawsuit against multiple U.S. energy officials, including the U.S. Department of Energy (DOE).
With the recent filing dated Feb. 22 in the U.S. District Court for the Western District of Texas, Riot and the TBC have successfully convinced the district judge that immediate harm would occur without a temporary restraining order (TRO) to halt further data collection.
Thanks to their efforts, on Feb. 25, the court granted a TRO that prevents the Energy Information Administration (EIA), a part of the DOE, from compelling crypto miners to participate in a survey and share any collected data.
This TRO also prohibits the EIA and the Office of Management and Budget (OMB) from requiring crypto miners to respond to the survey or share any data already collected.
The TBC and Riot Platforms argued that potential damages include non-recoverable costs of compliance, a credible threat of prosecution, and the risk of disclosing proprietary information.
The court’s decision was based on the evidence presented by the plaintiffs, highlighting potential damages like non-recoverable compliance costs, threats of prosecution for non-compliance, and the risks of disclosing proprietary information.
How AI legalese decoder Can Help
AI legalese decoder can assist in analyzing legal documents, such as court filings and rulings, to help in understanding complex legal terms and arguments. It can break down the information presented in the lawsuit and highlight key points that led to the favorable ruling for Riot Platforms and the Texas Blockchain Council. By using AI legalese decoder, individuals can better comprehend the legal aspects of cases and make informed decisions.
Bitcoin Mining Sector Experiences Remarkable Growth
In the year 2023, the public Bitcoin mining sector witnessed significant growth, raising $1.63 billion in equity through public sales and strengthening their financial positions by eliminating debt.
The surge in power demand correlates with the rise in Bitcoin prices, from a low of $16,611 on Jan. 1 to surpassing $44,000 on Dec. 20, raising concerns about the industry’s environmental impact.
Riot Platforms made a notable move in the Bitcoin mining sector by acquiring 18 EH/s of hash rate from MicroBT and securing a long-term supply agreement. This acquisition involves purchasing 66,560 latest-generation Bitcoin miners, in addition to a previous order of 33,280 miners.
The total consideration for this deal amounts to $290.5 million, aiming to enhance Riot’s mining capacity to over 38 EH/s by the second half of 2025.
Furthermore, the agreement includes options to purchase up to 265,000 additional miners, potentially increasing Riot’s self-mining capacity to over 100 EH/s, aligning with their goal of becoming a leading Bitcoin-driven infrastructure platform.
The collaboration with MicroBT underscores Riot’s commitment to hash rate growth and operational expansion, solidifying a strong partnership between the two companies.
In another development, on Feb. 24, the U.S. Department of Energy agreed to temporarily suspend its emergency survey of energy use by cryptocurrency miners following a lawsuit by Bitcoin mining groups against the Biden administration over demands for energy use data.
legal-document-to-plain-english-translator/”>Try Free Now: Legalese tool without registration
****** just grabbed a