In a surprising move, Senator Saddam Azlan Salim from the United States is throwing his weight behind the cryptocurrency mining wave, calling for regulations that back the industry. Instead of slapping down laws specifically targeting these digital assets, he suggests treating them like any other manufactured goods, only penalizing them for issues common to all production companies.
Salim’s Push for Crypto Miners to Face No Fines
Salim makes it clear in his proposed regulations that penalizing digital asset mining solely because of its nature is a no-go. If an area allows manufacturing or industrial activities, crypto mining should be granted the same rights, he asserts.
“It shall be legal in the Commonwealth to participate in home digital asset mining, provided that the person engaging in home digital asset mining complies with all local noise ordinances,” he adds.
In December 2023, Marathon Digital hit a noteworthy milestone by mining a whopping 1,853 Bitcoins, with their total monthly output reaching 12,852. Reports from November of the same year highlighted Bitcoin miners raking in approximately $30 million in transaction fees within a fortnight, thanks to the resurgence of ordinal inscriptions.
The Impending Bitcoin Halving Sparks Speculation
As the Bitcoin halving looms in April, speculations abound regarding its potential impact on mining companies. Crypto analyst Jason A. Williams anticipates a different experience for Bitcoin holders post-halving, suggesting a possible positive turn for Bitcoin miners.
Bitcoin Mining Causes a Stir in US Government
The stance on Bitcoin mining within the US government is far from unified. Environmental concerns have been a focal point of contention, with Robert Kennedy Jr (RFK) arguing against using Bitcoin’s ecological footprint as an excuse to restrict financial freedom.
“At the very least, environmental arguments should not be used as a smokescreen to curtail freedom to transact,” RFK emphasized in July 2023.
Notably, the US government found itself preparing to auction nearly $246 million worth of Bitcoin obtained from illicit activities on Silk Road. In July of the same year, the Department of Justice (DOJ) distributed the 8,200 BTC across more than 100 different Coinbase addresses, each receiving 79.2 BTC.