US Secretary of Commerce Howard Lutnick reveals how the United States aims to support #Bitcoin mining operations under President Donald Trump’s administration.
During an interview with Bitcoin Magazine, Lutnick shared his vision for Bitcoin mining. He disclosed that the Commerce Department’s investment accelerator initiative will benefit Bitcoin mining companies and allow miners to set up shop in the U.S.
Bitcoin Miners Will Benefit from Investment Accelerator Initiative
Last month, President Donald Trump ordered the Commerce Department to create an Investment Accelerator office to accelerate investments of $1 billion in the American economy.
This initiative helps clear regulatory hurdles for businesses looking to invest in America and fast-tracks the process of obtaining the necessary operational licenses for these businesses.
Interestingly, the Commerce Secretary emphasized that the investment accelerator would support crypto businesses, particularly Bitcoin mining companies.
Other Bitcoin Mining Support
Besides helping miners obtain the required operational licenses, Lutnick suggests that the Commerce Department would allow Bitcoin miners to build their own power plants right next to where they intend to site their mining data centers.
This power plant, often powered by wasted gas, would allow miners to run their operations off-grid without relying on local utilities.
“Bitcoin miners will be allowed to put their data centers on top of gas fields, with a power plant set up right next to them,” Lutnick remarked. “This way, miners won’t be drawing power [from the existing grid].”
With this support, Lutnick expects the next generation of Bitcoin miners in America to ‘control their destinies’ and drastically reduce power costs. He speculates that the support would ‘turbocharge’ Bitcoin mining operations in the United States....
