Is Crypto Mining Regulation in the US Government’s Plans?
A new cryptocurrency mining survey from the US government has Bitcoin miners worried and fighting back.
Fears about incoming government regulations are on the rise after a US government survey was used to collect data about cryptocurrency mining. Some within the industry are worried about the implications of the survey and think it could be politically motivated and could be construed as discriminatory to miners.
Others call it the beginning of a chokepoint operation meant to curb cryptocurrency mining and weaken the crypto market. At the same time, there is fear that new regulations and restrictions will extend to crypto miner energy suppliers.
Jason Les, who is the CEO of Riot Platforms, says that no public interest is being served by this action. He is concerned that a harmful precedent could be established and said that the industry is looking into legal actions they can take to protect themselves and safeguard their futures.
Taking Action
Since Bitcoin mining (and crypto mining as a whole) is remarkably transparent, miners are confused about why there is any need for a survey to collect data on the industry. Now, a number of cryptocurrency industry insiders are banding together to safeguard themselves from what they see as potential government overreach and the start of something very dangerous.
They are uniting to protect themselves and their energy partners, who some say will be pressured by the government to stop cooperating with the miners. Immediate legal action is being called for by some of the miners, including Alex Brammer, who serves as the director of Bitcoin Today Coalition.
One of the reasons why the mining industry is up in arms about the survey is because any miners who do not comply to provide information are being fined $10,633 per day. To many, that reeks of a government that is desperate to do something about energy usage from the crypto mining sector.
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