'A draconian response in Washington... would encourage U.S.-based miners to move to countries like Kazakhstan that are doing close to nothing to expand renewable energy.' Opinion for the 'Money Reimagined' newsletter mikejcasey
reportedly planning hearings to address some lawmakers’ concerns about energy usage by Bitcoin miningA draconian response in Washington would encourage U.S.-based miners to move to countries like Kazakhstan that are doing close to nothing to expand renewable energy.
This was also the first, tangibly negative aspect of what has otherwise been a positive story: that the Bitcoin network not only took just six months to recover from China’s crackdown on miners in May and June but did so with far greater geographical diversity than was previously the case. The other was that access to Bitcoin depends on internet availability. It’s true that the private and public keys with which people control their bitcoin balances can exist offline and survive outages. But if there’s no access to the internet in a certain location, users there can’t exchange funds and miners can’t participate in generating and validating blocks of transactions.
Right now, miners are likely weighing whether the costly disruption from the Central Asian country’s political crisis is worth the benefits that accrue from the subsidies its government provides to the local coal industry to keep power cheap. Why give them a reason to overlook such political risks?
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