Martin Young3 hours agoForeign crypto miners could be spying on US bases: Elizabeth WarrenSenator Warren has lambasted foreign-owned crypto miners in the country, saying they’re loud, hot, and “suck up a ton of electricity, which can crash the power grid.”770 Total views2 Total sharesListen to article 0:00NewsOwn this piece of crypto historyCollect this article as NFTJoin us on social networksUnited 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 hearing of the Senate Committee on Banking, Housing, and Urban Affairs on July 25, Democrat Senator Elizabeth Warren aired her views on foreign-owned crypto miners, which she claims is a national security threat.
Foreign companies building crypto mining facilities on US soil are a “disaster for the environment,” which can also pose national security risks, stated Warren, adding:“They’re loud, they’re hot, and they suck up a ton of electricity, which can crash the power grid.”
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 removed in May.Elizabeth Warren speaking at the Senate Committee on Banking, Housing, and Urban Affairs. Source:YouTube
Rosen asked whether there was a general concern about foreign crypto mining facilities in the United States, to which Warren replied that they could be used for espionage.“Foreign adversaries are using cryptomines to spy on US military operations. That is an obvious national security risk. But it isn’t the only risk. Foreign-owned cryptomines also threaten the energy grid.”
She added that foreign-owned crypto mining facilities’ connection to our energy grid “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:Biden orders removal of Chinese-owned crypto miner near missile base
It has been well documented that crypto mining can benefit energy grids by balancing load and increasing renewable electricity capacity.
Crypto mining’s inherent interruptibility and swift load response capabilities could enhance power grid flexibility, a research paper published in November 2023 revealed.
However, in April, the Biden administration ordered a crackdown on the crypto mining industry, citing China as an example to follow in its ongoing war on the industry.
Magazine:Bitcoin is on a collision course with ‘Net Zero’ promises# Bitcoin# Mining# Business# Energy Consumption# Cloud Mining# Bitcoin Mining# Renewable Energy# RegulationAdd reaction