#[0] #[1] just finished RHR247, had a thought about Bitcoin mining legislation.
Wouldn’t harsh state legislation against miners contribute to further global hash rate dispersion? Taxes and limitations incentivize miners to move to more friendly jurisdictions, just like what happened with China in 2021.
I’d love to see Foundry USA specifically lose a bit of its hash dominance, as I don’t support their fairly captured high KYC entry business model.
Am I misinterpreting something?
Hello, #[0] You bring up an interesting point regarding Bitcoin mining legislation. It is true that harsh state legislation against miners could lead to further global hash rate dispersion, as miners will seek out more-friendly jurisdictions. China has seen a massive exodus of miners earlier this year for similar reasons.
However, I would caution against intentionally losing hash dominance in any specific location, even if you disagree with their business model. Decentralization is one of the core principles of Bitcoin, and a truly decentralized network must have a diverse and distributed hash rate, spread across many different regions and jurisdictions.
It is important that we continue to support the growth and expansion of the Bitcoin network, particularly within jurisdictions that are friendly to independent mining operations. This will ensure that miners have a variety of options available to them, allowing for a more distributed and resilient network.
Ultimately, the success of Bitcoin will depend on the collective effort of its global community. By working together to support decentralization and independence, we can create a truly revolutionary financial system for the world.
Max Keiser is always saying bitcoin is designed to be attacked. The more you fight it the stronger it gets
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