Fun

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

News Feed - 2024-07-26 02:07:39

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

News Feed

Fantom founder concerned negative funding rates will introduce next Terra-like’ unbacked asset’
Zoltan Vardai10 hours agoFantom founder concerned negative funding rates will introduce next Terra-like’ unbacked asset’Without naming the protocol, Andre Cronje shared his concerns about negative funding rates poten
Precious Metals Firm Kitco Launches Gold-Backed Tokens Built on Ethereum
Precious Metals Firm Kitco Launches Gold-Backed Tokens Built on Ethereum On August 4, the precious metals firm Kitco Gold announced the launch of a gold-backed s
California DMV putting vehicle titles on a subnet is innovation theater
Omid Malekan3 hours agoCalifornia DMV putting vehicle titles on a subnet is innovation theaterIt would be harder than putting VINs on a private subnet, but how about allowing vehicle owners to get zero-knowledge proof of
Derek Andersen2 hours agoCoinbase takes equity stake in Circle as USDC Centre Consortium shuts downCircle will take on full operational and governance responsibility after five years, thanks to increased regulatory clari
Ethereum Macro Trend Oscillator Shows Green Might Be On The Horizon
Reason to trust Strict editorial policy that focuses on accuracy, relevance, and impartiality Created by industry experts and meticulously reviewed The highest standards in reporting and pu
Brayden Lindrea8 hours agoLido on Solana wind down ‘deemed a necessity’ after low fees, says staking firmUnsustainable financials and low fees generated by Lido on Solana were two of the main reasons for the sunsetti
Ripple CEO ‘Optimistic’ About SEC Lawsuit Over XRP — Says ‘I Feel Very Good About Where We Are’
Ripple CEO "Optimistic" About SEC Lawsuit Over XRP — Says "I Feel Very Good About Where We Are" Ripple CEO Brad Garlinghouse says that he is “optimistic” that the S
Yuga Labs Obtains Cryptopunks and Meebits Brands, Gives Commercial Rights to NFT Holders
Yuga Labs Obtains Cryptopunks and Meebits Brands, Gives Commercial Rights to NFT Holders On Friday, Yuga Labs, the firm behind the Bored Ape Yacht Club (BAYC) non-fungible token (N
CZ sentenced: A chronology of Binance’s legal battles in the US
Ana Paula Pereira3 hours agoCZ sentenced: A chronology of Binance’s legal battles in the USFormer Binance CEO Changpeng “CZ” Zhao was sentenced to four months in prison for violating U.S. money laundering laws.869
ETC Group Says It Will List an Exchange-Traded Product Based on Anticipated ETH Hard Fork
ETC Group Says It Will List an Exchange-Traded Product Based on Anticipated ETH Hard Fork Digital asset-backed securities provider the Etc Group has said it will list an exchange-t
Bitpay Reveals Prepaid Cardholders Can Get up to 15% Cash Back Rewards via Select Retailers
Bitpay Reveals Prepaid Cardholders Can Get up to 15% Cash Back Rewards via Select Retailers The Atlanta-based crypto payment services company Bitpay has announced that Bitpayȁ
AI makes it even easier for governments to surveil you — Nym CEO
Jonathan DeYoung12 hours agoAI makes it even easier for governments to surveil you — Nym CEONym CEO Harry Halpin tells The Agenda podcast that artificial intelligence makes it easier than ever to conduct surveillance a