CryptocurrencyHash Rate Politicization Is An Attack On Bitcoin Miners

Hash Rate Politicization Is An Attack On Bitcoin Miners

The below is a direct excerpt of Marty’s Bent Issue #1195: “The politicization of hashrate is an attack vector for your miners. Sign up for the newsletter here.

The U.S. Treasury came out today and sanctioned Bitriver, a Russian bitcoin mining company that hosts miners on behalf of large miners. Any Americans who have their miners hosted at Bitriver or own any significant amount of equity in the company must stop interacting with Bitriver immediately, highlighting the risk one takes when they don’t control their infrastructure and host their miners in areas that are subject to increased political risk. Political risk comes in many different forms.

Here in the United States, it is politically risky to host your miners in the state of New York as it is run by freedom-hating Malthusians who are dead set on preventing Bitcoin from flourishing within its borders. It was proven to be politically risky to mine in Quebec in the mid-2010s as the government there freaked out and began treating bitcoin miners who were utilizing excess electricity produced by Hydro Quebec like second-class citizens by singling them out and increasing their electricity rates and sales tax. Making their operations unprofitable and, therefore, nonviable. And now, we are learning that it is politically risky to host your miner within Russia if you are a U.S. citizen because the government seems determined to sever Russia’s connection to the western world in reaction to the invasion of Ukraine.

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