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Bitcoin prices have soared above $43,000 per Bitcoin, up nearly 200% from recent lows of $15,000, as a Wall Street legend declared the U.S. dollar “dead.”
Now, as the Bitcoin mining industry races towards a $3.3 trillion earthquake, US President Joe Biden’s administration has issued an “urgent data collection request” to organizations securing the Bitcoin network, Some are fanning the flames of a fight between Coin and the United States. dollar.
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The Biden administration signed an emergency study this week to examine how much electricity Bitcoin and crypto miners use, and the Energy Information Administration (EIA) is expected to begin collecting emergency data this week.
Bitcoin miners, which use high-performance computers to verify transactions and maintain Bitcoin’s blockchain in exchange for newly minted coins, have been given energy Details of usage must be provided. January 26th.
“We will continue to analyze and write about the energy impacts of crypto mining activity in the United States,” EIA Director Joe DeCarolis said in a statement. “We specifically focused on how the energy demands of crypto mining are evolving, identifying high-growth geographic regions and determining the power sources used to meet the demand for crypto mining. Quantify.”
The EIA pointed out the possibility of “public harm” caused by Bitcoin and mining due to the need for data collection. The Bitcoin mining industry has been criticized for its eye-watering energy usage, which a study has found could be as much as some small countries each year.
“OMB recognizes that this emergency collection is experimental and interim and is undertaken with an understanding of EIA’s intent to establish a new standard collection,” OMB said in its approval document. Ta.
The emergency investigation sparked concerns among the Bitcoin and crypto communities, with long-standing concerns that it could begin a broader government crackdown on the Bitcoin mining industry. Last year, Florida governor and former US presidential candidate Ron DeSantis warned that the Biden administration was “all in on Bitcoin” and could eventually “kill” it completely. did.
”[The] “The EIA’s latest move to require Bitcoin mining companies to disclose their energy usage directly targets the digital asset sector,” the Texas Blockchain Council said. Posted.
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“Biden declared a ‘state of emergency’ for the federal government because Bitcoin is winning,” said Pierre Roshard, head of research at Colorado-based Bitcoin miner Riot Platforms. . Posted to X, to add: A “$3 trillion deficit, $34 trillion in debt, and an insolvent statutory banking system” could be considered an “emergency.”
A huge increase in the supply of the US dollar and US Treasury bonds through the coronavirus pandemic and lockdowns has excited Bitcoin supporters who fear a US dollar collapse is imminent.
“For the past 10 years, all fiat currencies have fallen against the dollar, even as the dollar has crashed against Bitcoin,” says Balaji Srinivasan, technology investor and former chief technology investor at CoinbaseCOIN. . Posted To X.
“Biden vs. Trump is America’s election. Bitcoin vs. the dollar is an internet election. Which one really matters? Even if they lose the printer, the election doesn’t really matter. One or two more digits and that’s it. Clear. “
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