U.S. Senators Propose Mined in America Act to Enhance Bitcoin Mining
- The Mined in America Act, introduced by Senators Bill Cassidy and Cynthia Lummis, aims to codify a Strategic Bitcoin Reserve (SBR) established by former President Trump.
- The bill includes a voluntary “Mined in America” certification for crypto mining facilities, promoting domestic operations.
- It proposes phasing out foreign adversary-linked mining hardware and leveraging existing federal energy programs to support U.S. mining.
- Currently, the U.S. controls about 38% of the global Bitcoin hash rate, but relies on China for approximately 87% of its mining hardware.
- Senator Elizabeth Warren is investigating potential national security risks related to Chinese BTC mining manufacturer Bitmain.
The Mined in America Act seeks to secure supply chains and enhance domestic manufacturing of mining equipment while addressing dependencies on foreign hardware suppliers.
This legislation reflects a significant push towards strengthening the U.S.’s position in the cryptocurrency sector, especially as it currently relies heavily on foreign sources for critical infrastructure.(Source)
