July 5, 2022

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The White House is targeting bitcoin miners in the United States, Bloomberg says

The White House is targeting bitcoin miners in the United States, Bloomberg says

Joe Biden’s management is preparing to crack down on bitcoin miners. U.S. politicians say Bitcoin should reduce energy consumption. This is especially true of miners’ CO2 emissions.

According to Bloomberg The United States is in trouble at its climate targets due to BTC. This is a difficult proposition for miners in the United States to deal with. Interesting detail: In recent years, dozens of miners have gone public with their shares.

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Bloomberg spoke to Costa Samaras. He is part of the Department of Science and Technology Policy. He says what you often hear from these circles: There should be more rules. “If this is the case (Bitcoin Mining, ed.) Will become part of our financial system in a meaningful way, it is important that it is developed responsibly and that total emissions are kept to a minimum, ”says Samaras.

Samaras believes you should talk about the energy use of miners. Like many debates, he believes this should be a ‘climate and energy debate’.

The White House is investigating. The purpose is to prepare a detailed report with guidelines and policy plans. However, it remains to be seen whether any action will be taken in the end.

Hard approach or soft hand?

The miners in the United States, like all other companies, have to deal with climate needs. Once you get the wrong label as a business, you can count on higher taxes and / or expenses.

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Jesse Morris, director of the Energy Web, did not expect a tough approach: “I think you’re very bang for your buck with Bitcoin mining education.” Morris expects those with the right knowledge to have a different approach than they already have.

Morris is not without significance in this story. Best Man recently launched a points system to evaluate Bitcoin miners (and other businesses). He hopes you can use this to bring investors to the ‘right’ ideas.

Local Review

There have been various lawsuits in the United States surrounding bitcoin miners in certain areas. For example, miners in New York are under pressure, and other entrepreneurs can still use large data centers for bitcoin through cracks in the law.

In practice this is a difficult issue. Miners are relatively flexible. Anyone who can hold a container can move their hardware to another part of the world. There are also American places like Texas that want to attract this industry.

As with many aspects of Bitcoin, we see regulators around the world struggling. Bitcoin is a new phenomenon that often cannot be caught in the old or new laws.