United

Biden

Bitcoin

United States Senator Elizabeth Warren, known for her strong anti-crypto stance, has once again voiced her concerns. This time, she warned a Senate committee about the potential dangers posed by foreign-owned cryptocurrency mining operations on American soil.
At a <a href="https://www.warren.senate.gov/newsroom/press-releases/at-hearing-warren-calls-for-strong-anti-money-laundering-protections-to-prevent-cryptomines-from-undermining-us-national-security" target="_blank" rel="noopener nofollow">hearing</a> of the Senate Committee on Banking, Housing, and Urban Affairs on July 25, Senator Warren aired her views on foreign-owned crypto miners, which she claims is a national security threat. 
Foreign companies building crypto <a href="https://cointelegraph.com/explained/how-long-does-it-take-to-mine-1-bitcoin">mining</a> facilities in the US are a “disaster for the environment,” which can also pose national security risks, stated Warren, adding:
<blockquote data-ct-non-breakable="true">
 “They’re loud, they’re hot, and they suck up a ton of electricity, which can crash the power grid.”
</blockquote>
The tirade was aimed at one particular facility, Chinese-owned MineOne, which was located a mile away from a strategic missile base in Wyoming before President Biden ordered it to be <a href="https://cointelegraph.com/news/biden-orders-removal-chinese-owned-crypto-miner-near-missile-base">removed in May</a>.
<figure data-ct-non-breakable="true">
 <img src="https://s3.cointelegraph.com/uploads/2024-07/cc8cf35c-2a6f-4b09-be10-8f4c60a17f60.jpg" alt="Foreign crypto miners could be spying on US bases: Elizabeth Warren" title="">
 <figcaption style="text-align: center;">
 Elizabeth Warren speaking at the Senate Committee on Banking, Housing, and Urban Affairs. Source: <a href="https://www.youtube.com/watch?v=yYC6O1-cbRE" target="_blank" rel="noopener nofollow">YouTube</a>
 </figcaption>
</figure>
Paul Rosen asked whether there was a general concern about foreign crypto mining facilities in the US, to which Warren replied that they could be used for espionage. 
<blockquote data-ct-non-breakable="true">
 “Foreign adversaries are using crypto mines to spy on US military operations. That is an obvious national security risk. But it isn’t the only risk. Foreign-owned crypto mines also threaten the energy grid.”
</blockquote>
She added that foreign-owned <a href="https://cointelegraph.com/explained/can-quantum-computers-mine-bitcoin-faster">crypto mining</a> facilities’ connection to the&nbsp;<a href="https://cointelegraph.com/news/bitcoin-renewable-mix-emissions-good-for-investors-bloomberg-analyst">energy grid</a> “could leave the US vulnerable to targeted blackouts and cyberattacks.”
Senator Warren then took a swipe at digital assets themselves, claiming that foreign entities have been buying mining facilities “in secret” by paying in crypto, which “allows them to bypass our traditional banking system and the Anti-Money Laundering rules.”
This is also how US-based crypto mines “have been able to secretly send millions of dollars back to China,” she claimed before concluding that it is “time for us to pass laws.” 
Related: <a href="https://cointelegraph.com/news/biden-orders-removal-chinese-owned-crypto-miner-near-missile-base">Biden orders removal of Chinese-owned crypto miner near missile base</a>
It has been well documented that crypto mining can benefit energy grids by <a href="https://www.sciencedirect.com/science/article/pii/S0928765523000313" target="_blank" rel="noopener nofollow">balancing load</a> and increasing <a href="https://cointelegraph.com/news/bitcoin-miners-seek-alternative-energy-sources-to-cut-costs">renewable electricity</a> capacity.
Crypto mining’s inherent interruptibility and swift load response capabilities could enhance power grid flexibility, a research paper <a href="https://papers.ssrn.com/sol3/papers.cfm?abstract_id=4634256" target="_blank" rel="noopener nofollow">published</a> in November 2023 revealed. 
However, in April, the Biden administration <a href="https://cointelegraph.com/news/biden-is-asking-congress-to-kill-the-american-bitcoin-mining-industry">ordered a crackdown</a> on the crypto mining industry, citing China as an example to follow in its ongoing war on the industry.
Magazine: <a href="https://cointelegraph.com/magazine/bitcoin-net-zero-2050-climate-change/">Bitcoin is on a collision course with ‘Net Zero’ promises</a>

Foreign crypto miners could be spying on US bases: Elizabeth Warren

Cointelegraph

Inne artykuły opublikowane 26 lip 2024

Bittensor (TAO) Surges 60% in 3 Weeks: Can lt Manifest 2x Gains

AON Reports 18% Revenue Surge in Q2 Amid Operating Margin Decline

Trump’s Announcements Influence Crypto Market Predictions

Cryptocurrency Prices Show Potential for Growth

Investing $1K in These Altcoins During the Current Dip Could Lead to Millionaire Gains in 2025 – ...

Ekosistem EgonCoin (EGON) sebagai Public Blockchain hingga Rumah bagi NFT Marketplace

Zapisz się na bezpłatny newsletter i otrzymuj codzień aktualności ze świata kryptowalut!