The DOE Rules and Mining Geographic Decentralization
3928 sats \ 14 comments \ @siggy47 8 Feb bitcoin
When China banned bitcoin mining it was a matter of months before the hash rate recovered. I understand why the big US miners want to fight the DOE regulations, and they should. But, the writing is on the wall. Elizabeth Warren and her banking masters are not going to stop. Why do these companies need to commit so many resources to the US?
It would be better for them economically, and it would strengthen the bitcoin network, for miners to diversify out of the US now. These miners don't need the US. Many nations would welcome the jobs, and would probably grant reduced electric rates and tax breaks.
Perhaps this is already happening behind the scenes. I hope so. The US will eventually need bitcoin more than bitcoin needs the US.
What am I missing?
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456 sats \ 3 replies \ @quark 8 Feb
Miners will always go where the energy is cheaper and regulations are the best for them. I don't know why the US is attacking miners now. I am missing something too. I think if there is a way to attack Bitcoin, it is doing so to the miners. But miners can just go to another country then. I don't know what the regulators want to achieve. They are lost. Elizabeth who used to attack banks long time ago, is now protecting banks against Bitcoin. I wonder why. Very suspicious.
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31 sats \ 1 reply \ @siggy47 OP 8 Feb
Maybe the miners are assuming that BlackRock and Fidelity have enough clout to keep Warren at bay. Still, it's a power move to diversify now. I'm not sure the US wants mining to be spread worldwide. I would think they would want to keep it within their borders. I bet China is regretting that ban now.
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329 sats \ 0 replies \ @quark 8 Feb freebie
Yes.. I remember when China banned it, there were reports about many Chinese moving to the US somehow to keep mining. I'm sure the government is forcing this reporting and regulations to really know and probably control who is mining with US energy.
edit: added some sources: The U.S. is a particularly attractive destination for Chinese bitcoin miners https://www.npr.org/2022/02/24/1081252187/bitcoin-cryptocurrency-china-us
This N.Y.U. Student Owns a $6 Million Crypto Mine. His Secret Is Out. https://www.nytimes.com/2023/12/25/technology/bitrush-bitcoin-cryptocurrency-china.html
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0 sats \ 0 replies \ @Bell_curve 8 Feb
Elizabeth Warren is a phony politician and Cherokee
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329 sats \ 2 replies \ @gimballock1 8 Feb freebie
Banks are are feeling threatened domestically and internationally:
  • BRICS nations are mobilizing against USD
  • Institutional money is flooding into bitcoin investment vehicles domestically Meanwhile inflation continues despite all efforts to suppress it.
Centralized exchanges are pretty locked down already with KYC/AML regulations Public mining companies are the other big source of capital out flow. Being public makes it easy to raise capital and grow the operation. This happens in the US because we have a very stable government relatively speaking. This situation will persist until it no longer works because going underground is more risky at scale. But, I believe, inevitable as the threat to the establishment becomes more acute.
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329 sats \ 0 replies \ @tomlaies 8 Feb
I think the big mobilizing against the USD and for Bitcoin won't come from BRICS. The BRICS barely even really exists - it's just China and small henchmen. And they'll use their fiat instead of Bitcoin.
The Hyperbitcoinization will start in 3rd world countries and small subcultures inside the US.
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10 sats \ 0 replies \ @siggy47 OP 8 Feb
I generally agree with your reply. One interesting issue is access to US public markets, which is critical, as you noted. Miners can still be headquarted in the US and can still be publically traded on US exchanges and access US capital markets without actually mining in the US.
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298 sats \ 0 replies \ @PlebeiusG 8 Feb
All we have are two choices: voice and exit. Jack Mallers told us that.
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298 sats \ 4 replies \ @Bell_curve 8 Feb
Miners should fight back
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10 sats \ 3 replies \ @siggy47 OP 8 Feb
The best way to fight back is to render the DOE irrelevant.
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298 sats \ 2 replies \ @Bell_curve 8 Feb
Public miners should lawyer up and fight the DOE surveillance request
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10 sats \ 1 reply \ @siggy47 OP 8 Feb
They are, and BlackRock and Fidelity will probably help. My question is why give the DOE the power to fuck with hash rate to begin with?
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298 sats \ 0 replies \ @Bell_curve 8 Feb
Especially now with the clueless energy secretary Jennifer Granholm, apologies if I misspelled her last name
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50 sats \ 0 replies \ @Anonymous_Hodler 8 Feb
Threat to the is dollar is what they are scare about. Their all influence and legacy system could just be blown away…
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