Salim’s Stance on Cryptocurrency Mining
US Senator Saddam Azlan Salim has become a proponent for cryptocurrency mining, advocating for regulations that offer support to the industry. He proposes a legal framework that would allow for home digital asset mining, provided it complies with local noise ordinances.
Equal Treatment for Crypto Mining in Industrial Zones
In his proposed regulations, Salim emphasizes that crypto mining should not face penalties solely due to the nature of its business. He advocates for equal rights in industrial zones, stating that if manufacturing or industrial activities are permitted, crypto mining should also be allowed, provided it adheres to general industrial noise ordinances.
Recent Achievements in Bitcoin Mining
The industry has seen significant milestones, such as Marathon Digital mining 1,853 Bitcoins in December 2023. Their total output for the month reached 12,852 Bitcoins. In November, Bitcoin miners reportedly earned around $30 million in transaction fees within two weeks, largely due to the rise in ordinal inscriptions.
Speculations on Upcoming Bitcoin Halving
With the Bitcoin halving approaching in April, there is widespread speculation about its impact on Bitcoin mining companies. Crypto analyst Jason A. Williams suggests that this halving could bring a positive change for Bitcoin miners, differing from previous cycles.
Political Divide Over Bitcoin Mining
US politicians remain divided over Bitcoin mining, particularly concerning its environmental impact. Robert Kennedy Jr. has argued against using environmental concerns to limit financial freedom, emphasizing the need to balance environmental arguments with the freedom to transact.
Government Actions on Bitcoin
The US government has been active in managing Bitcoin obtained from illicit activities, such as those from Silk Road. In July 2023, the Department of Justice (DOJ) dispersed 8,200 BTC across over 100 different Coinbase addresses.
A Shifting Landscape for Bitcoin Mining
Senator Salim’s support for Bitcoin mining represents a significant shift in the political landscape surrounding cryptocurrency. As the industry continues to grow and evolve, his advocacy highlights the ongoing debate and the need for balanced regulation that considers both the industry’s potential and its challenges.
