The US Government wants your Bitcoin Miners!?

[pooya87]

Alright but what would such an attack do?

If the govt tries in some way to restrict mining in the US, companies can move their miners to other nations, it's not like this hasn't happened before.

If they "ban" mining, the miners would definitely migrate but if it is only restrictions and regulations, it is less likely. What has happened before is the first case, like in China when they "banned" mining, the miners migrated. What is happening now is the second case.

You see, packing everything up and moving it to another country with different mining regulations, different tax laws and having to find a reliable power source there is not an easy task for miners to just pack up and leave each time there were some "restrictions".

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[Pmalek]

Bitcoin is useless in a world covered in forms and Know Your Customer procedures.  What would be the point then.

If you think about it, that's the way it already is. KYC and AML procedures are already a part of Bitcoin because most of the buying and selling takes place on centralized service providers. It's no different with crypto debit cards that allow convenient exchange of crypto for fiat. The anonymous and private transactions are the minority.

I always thought that mining companies have to register as a business that generates money via Bitcoin mining and they also have to state how much equipment do they buy, how much do they pay into it and how much electricity they consume.

Sure, they are registered businesses but I don't think the bolded information was needed for them to start their operations. Your power distributor needs to know how much electricity you need, not the government. And the government surely didn't need to know who your provider is, but now they want to.

[coolcoinz]

Their goal is to attack bitcoin from every angle and you have to realize why this is being done.

Biden doesn't understand bitcoin, this is too much for his old head, so he's given up and allowed "his people" to do what they want in this matter. These people struck deals with banks who want to slow bitcoin as much as possible. At first the goal was to ban bitcoin, but all the attempts to do so were stopped early. Their latest failed achievement was an act that was supposed to make all the wallet providers assign addresses to names of their clients, which was so ridiculous that it exposed their true intentions and lack of knowledge. It's of course impossible for wallet providers to make clients disclose their private information every time they make a new address and if introduced such act would mean that no wallet software would be available for US citizens. Unless... that's exactly what they wanted. They knew how this works and wanted to slip a ban through the Congress, thinking that not enough people will notice what it really is.

Time is running out for Biden and his team of crooks though. The awareness is rising among politicians and there's no way they can get the majority to ban wallets or mining in the US at this point.

[Pmalek]

Biden doesn't understand bitcoin, this is too much for his old head, so he's given up and allowed "his people" to do what they want in this matter.

Biden isn't the biggest problem. He has other concerns to worry about. Not going completely senile is one of them. Joking aside, he needs to convince the nation to give him another mandate, and I don't think that's going very well. Regarding Bitcoin, the bigger danger are the people he trusts that whisper in his ear. That's the real danger. He is just the one giving the final go ahead with his signature. 

[NASdaq]

Meh, i hope that at least someone will ignore that poll. Im sure that they will seize miners sooner or later

[justdimin]

Biden doesn't understand bitcoin, this is too much for his old head, so he's given up and allowed "his people" to do what they want in this matter. These people struck deals with banks who want to slow bitcoin as much as possible. At first the goal was to ban bitcoin, but all the attempts to do so were stopped early. Their latest failed achievement was an act that was supposed to make all the wallet providers assign addresses to names of their clients, which was so ridiculous that it exposed their true intentions and lack of knowledge. It's of course impossible for wallet providers to make clients disclose their private information every time they make a new address and if introduced such act would mean that no wallet software would be available for US citizens. Unless... that's exactly what they wanted. They knew how this works and wanted to slip a ban through the Congress, thinking that not enough people will notice what it really is.

Time is running out for Biden and his team of crooks though. The awareness is rising among politicians and there's no way they can get the majority to ban wallets or mining in the US at this point.

Biden doesn't understand much about anything really, not anymore at least but he does basically decide on who should know more about what, which means he builds his team, then the rest is done by others. You can't put the blame on him at this point, this is more about his team, people who are in position to do these things and that is what hurts them the most.

I understand that it is going to be a tough decision to make, and I get that we are going to end up with a trouble that would not be all that easy to handle if the people in power do not want this. All in all, governments are in power for a while, and they will change, so that means we are going to end up with something that will be either good, or bad and temporary.

[AVE5]

All of that are unnecessary unless they want to let us know that Bitcoin is no more of the potential of self custodian or that the Bitcoin miners and holders are no more safe in the hands of the US government.
Or maybe I should assume the US government wants to implement taxation on the Bitcoin miners as a caused of being so attracted with greeds or should I called that to be oppression?
I just hope things goes well that Bitcoin would be reliable, self custodian with a good reputation as usual.

[pooya87]

Biden doesn't understand much about anything really, not anymore at least but he does basically decide on who should know more about what, which means he builds his team, then the rest is done by others. You can't put the blame on him at this point, this is more about his team, people who are in position to do these things and that is what hurts them the most.

I understand that it is going to be a tough decision to make, and I get that we are going to end up with a trouble that would not be all that easy to handle if the people in power do not want this. All in all, governments are in power for a while, and they will change, so that means we are going to end up with something that will be either good, or bad and temporary.

The fact that he is in that position puts all the blame on him, specially since nobody forced him to run for president 4 years ago despite being just as senile as he is today.

As for the second part, I have to say with changing presidents the laws don't change. In fact a lot of things remain the same. Take the gun laws and its related mess, they don't change no matter who's in office. They can't even change such things.
It's going to be the same with Bitcoin, if they feel like they need to move ahead with restrictions, they will move ahead and it won't change after Biden is out...

[shield132]

Alright but what would such an attack do?

If the govt tries in some way to restrict mining in the US, companies can move their miners to other nations, it's not like this hasn't happened before.

If they "ban" mining, the miners would definitely migrate but if it is only restrictions and regulations, it is less likely. What has happened before is the first case, like in China when they "banned" mining, the miners migrated. What is happening now is the second case.

You see, packing everything up and moving it to another country with different mining regulations, different tax laws and having to find a reliable power source there is not an easy task for miners to just pack up and leave each time there were some "restrictions".

Some Chinese people migrated to Georgia after the mining ban but to be fair, BitFury has total dominance on Bitcoin mining in this country.

Bitcoin is useless in a world covered in forms and Know Your Customer procedures.  What would be the point then.

If you think about it, that's the way it already is. KYC and AML procedures are already a part of Bitcoin because most of the buying and selling takes place on centralized service providers. It's no different with crypto debit cards that allow convenient exchange of crypto for fiat. The anonymous and private transactions are the minority.

People wanted massive adoption and people were celebrating when companies were accepting bitcoin payment. Sadly, massive adoption can't come without cost and the cost is sacrificing privacy.

Biden doesn't understand bitcoin, this is too much for his old head, so he's given up and allowed "his people" to do what they want in this matter.

Biden isn't the biggest problem. He has other concerns to worry about. Not going completely senile is one of them. Joking aside, he needs to convince the nation to give him another mandate, and I don't think that's going very well. Regarding Bitcoin, the bigger danger are the people he trusts that whisper in his ear. That's the real danger. He is just the one giving the final go ahead with his signature. 

Even young fellas can't understand what Bitcoin, blockchain technologies and cryptocurrencies are in overall. Does anyone really think that 81 year old Biden has any idea about Bitcoin and mining? When he hears mining, he probably thinks about the extraction of minerals and materials from the Earth's surface.

[Pmalek]

Some Chinese people migrated to Georgia after the mining ban but to be fair, BitFury has total dominance on Bitcoin mining in this country.

I read an article this morning that discussed that many Chinese miners have started setting up shop in Ethiopia, following the country's favorable electricity prices and the fact that they made Bitcoin mining legal in 2022. A lot of the energy they use comes from hydropower, though. It only shows that there are alternatives, unless these countries become pressured by the elitists from the West to apply certain regulations and do things their way, or else...   

[PrivacyG]

That's the aim, C.E.N.S.O.R.S.H.I.P!
Bitcoin will become censored, that's why Blackrock got involved and that's why ETFs were approved.

I do sadly have the same intuition.  I think true Bitcoiners will face some tough times soon.  It all seems like things are getting better for Bitcoin but I think behind the curtains a really bad bullet is being loaded up for us.

Now the question is What is next?  What do we do?  Bitcoin gets Censorship.  Anonymity becomes mainly taboo.  What is next for us, how do we fight this?  Is it just over then, or is there a way we can continue to escape?

[franky1]

Therefore, miners gotta be careful. Imagine the government forcing them to connect to "approved" pools, like some shady social club. They could pump up the hashrate of these pools, messing with Bitcoin's whole decentralization thing. Not good.

a mining pool is just a piece of software(node with extra scripts(stratum)). it is not a facility
dont confuse mining pools vs asic farms

[philipma1957]

Therefore, miners gotta be careful. Imagine the government forcing them to connect to "approved" pools, like some shady social club. They could pump up the hashrate of these pools, messing with Bitcoin's whole decentralization thing. Not good.

a mining pool is just a piece of software(node with extra scripts(stratum)). it is not a facility
dont confuse mining pools vs asic farms

Yeah the biggest pool more or less is foundry.

They are commercial you need to have at least 20ph to join them.

That would be about 100 S21 units which would burn 350kwatts an hour.

basically a 20 foot container loaded to the brim.

Now many actual mines can have 100 of these containers burning 35000 kwatts or 35 mega watts.

There are huge farms in Texas not pools. They help stabilize the Texas power grid.

When Texas needs a lot of power for ac in the summer they shut the gear off and get paid to do so.

The fear that btc will be owned by the government is just dumb as it is already owned.

[franky1]

Therefore, miners gotta be careful. Imagine the government forcing them to connect to "approved" pools, like some shady social club. They could pump up the hashrate of these pools, messing with Bitcoin's whole decentralization thing. Not good.

a mining pool is just a piece of software(node with extra scripts(stratum)). it is not a facility
dont confuse mining pools vs asic farms

Yeah the biggest pool more or less is foundry.
They are commercial you need to have at least 20ph to join them.
That would be about 100 S21 units which would burn 350kwatts an hour.
basically a 20 foot container loaded to the brim.
Now many actual mines can have 100 of these containers burning 35000 kwatts or 35 mega watts.
There are huge farms in Texas not pools. They help stabilize the Texas power grid.
When Texas needs a lot of power for ac in the summer they shut the gear off and get paid to do so.
The fear that btc will be owned by the government is just dumb as it is already owned.

even if "foundry" node that manages the pool is in location T. asics do not need to also be in location T
if governments only wanted to attack a POOL. foundry can just run its node+stratum from location A in minutes-hours

if governments wanted to ban mining in T. then asic owners that can move (the containers you speak of) can be loaded on trucks and be in any other place in 12-36 hours, internationally in 14-30 days

[Abiky]

Their goal is to attack bitcoin from every angle and you have to realize why this is being done.

Biden doesn't understand bitcoin, this is too much for his old head, so he's given up and allowed "his people" to do what they want in this matter. These people struck deals with banks who want to slow bitcoin as much as possible. At first the goal was to ban bitcoin, but all the attempts to do so were stopped early. Their latest failed achievement was an act that was supposed to make all the wallet providers assign addresses to names of their clients, which was so ridiculous that it exposed their true intentions and lack of knowledge. It's of course impossible for wallet providers to make clients disclose their private information every time they make a new address and if introduced such act would mean that no wallet software would be available for US citizens. Unless... that's exactly what they wanted. They knew how this works and wanted to slip a ban through the Congress, thinking that not enough people will notice what it really is.

Time is running out for Biden and his team of crooks though. The awareness is rising among politicians and there's no way they can get the majority to ban wallets or mining in the US at this point.

First they start regulating it, then they'll end up banning it once they realize they can't stop the revolution. We always knew what was coming from the very beginning. Governments want power/control over people. And Bitcoin is the exact opposite of everything banks and governments stand for. This recent move by the US is the first step towards further scrutiny of the mining industry. Things could get worse in the long run.

America needs crypto-friendly politicians that will benefit the industry in the long run. Otherwise, you can say goodbye to BTC and altcoins in the US for good (although it will still be possible to use them under the radar). No one can predict the future, so lets hope for the best.

[ivankoh]

Time is running out for Biden and his team of crooks though. The awareness is rising among politicians and there's no way they can get the majority to ban wallets or mining in the US at this point.

Perhaps tweeting a picture and those laser eyes officially declared Biden's end game. I don't see any more worthy coincidence. Perhaps he finally realized that bitcoin was the way to give hope to his position and his team. Lol, Just like you said, he knew his time was limited.

[HideYourKeys]

Luckily, they can move to another country, worst case scenario, remember China Ban 3 years ago

[Pmalek]

America needs crypto-friendly politicians that will benefit the industry in the long run.

There is no such thing as crypto-friendly politicians on a large scale. Politicians represent the interest of private businesses, big tech, pharma, etc., and these giants aren't interested and don't need bitcoin or crypto. They don't mind profiting from you and me using it, but they don't represent self-custody and any type of increase in personal freedoms.

[Abiky]

There is no such thing as crypto-friendly politicians on a large scale. Politicians represent the interest of private businesses, big tech, pharma, etc., and these giants aren't interested and don't need bitcoin or crypto. They don't mind profiting from you and me using it, but they don't represent self-custody and any type of increase in personal freedoms.

Couldn't agree more with you, mate. Politicians are looking for their own interests. It's no secret that "crypto-friendly" politicians on the US and abroad are the minority. RFK, Bukele, and Milei are a "tiny speck" compared to the rest of the pack. Despite their support, we can never expect them to represent Bitcoin's principles of freedom and privacy.

At least we know the mining industry won't be going anywhere. If the US closes its doors to mining, other countries will embrace the revolution with open arms. That's the beauty of having a decentralized and censorship-resistant cryptocurrency. With how far Bitcoin has gone since its inception, I'm certain it will live alongside traditional Fiat currencies for generations. Just my opinion

[Ojima-ojo]

This is much expected if you ask me, because there is no way that Bitcoin miners could operate on United States soil and not be noticed or accounted for by the government,  so if anyone asks, I will say the Biden government is up to two things which are.

1: They want to tax Bitcoin mining activities,  to make money from the business to sort out their debt.


2: the government will want to control the mining activities, which to me is a grave danger to Bitcoin community, because with such control, they can do whatever they feel like with Bitcoin mining.