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Hash Rate Politicization Is An Attack On Bitcoin Miners

The beneath 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 got here out at present and sanctioned Bitriver, a Russian bitcoin mining firm that hosts miners on behalf of huge miners. Any Americans who’ve their miners hosted at Bitriver or personal any important quantity of fairness within the firm should cease interacting with Bitriver instantly, highlighting the danger one takes when they do not management their infrastructure and host their miners in areas that are topic to elevated political danger. Political danger is available in many various types.

Here within the United States, it is politically dangerous to host your miners within the state of New York because it is run by freedom-hating Malthusians who are useless set on stopping Bitcoin from flourishing inside its borders. It was confirmed to be politically dangerous to mine in Quebec within the mid-2010s as the federal government there freaked out and started treating bitcoin miners who had been using extra electrical energy produced by Hydro Quebec like second-class residents by singling them out and growing their electrical energy charges and gross sales tax. Making their operations unprofitable and, due to this fact, nonviable. And now, we are studying that it is politically dangerous to host your miner inside Russia in case you are a U.S. citizen as a result of the federal government appears decided to sever Russia’s connection to the western world in response to the invasion of Ukraine.

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