US Senator Champions Bitcoin Mining Amid Industry Surge

Senator Saddam Azlan Salim of the United States has advocated for a series of regulations that support cryptocurrency mining. He recommends refraining from imposing laws against the produced asset, except for reasons that would also be prohibited for other manufacturing companies.

“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 states.

Salim Advocates No Penalties for Crypto Miners

In the proposed regulations, Salim emphasized that digital asset mining should not be penalized purely based on the nature of the business. If an area permits manufacturing or industrial activities, crypto mining must not be deprived of those same rights.

“No locality’s industrial zone shall prohibit the use of the area for digital asset mining or digital asset mining business activities, provided that such activities comply with all applicable general industrial noise ordinances.“

Meanwhile, in December 2023, Marathon Digital recorded a significant milestone by mining 1,853 Bitcoins. Notably, the company’s total Bitcoin output for the month reached 12,852.

In November 2023, reports surfaced indicating that Bitcoin miners earned around $30 million in transaction fees within two weeks. This was a result of the resurgence of ordinal inscriptions.

However, the Bitcoin halving is approaching in April. Many are speculating over what its impact will be on Bitcoin mining companies.

According to crypto analyst Jason A. Williams, Bitcoin holders can expect an entirely different experience following the upcoming halving compared to previous cycles. Williams believes it could be a turn of tables and could be positive for Bitcoin miners:

Read more: How To Build a Mining Rig: A Step-by-Step Guide

Bitcoin Miners Spark Controversy within US Government

However, there has been a significant divide between US politicians over Bitcoin mining. Especially over its affects on the environment in recent times.

In July 2023, BeInCrypto reported that Robert Kennedy Jr (RFK) argued against using Bitcoin’s environmental impact as a smokescreen to limit financial freedom.

“At the very least, environmental arguments should not be used as a smokescreen to curtail freedom to transact.”

Not too long before this, the US government had been preparing to auction nearly $246 million worth of Bitcoin obtained from illicit activities on Silk Road.

Meanwhile, in July 2023, the DOJ dispersed the 8,200 BTC across over 100 different Coinbase addresses, with each address receiving 79.2 BTC.

Read more: What Are Mining Algorithms and What Purpose Do They Serve?

Disclaimer

In adherence to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.

Source