Senator Lummis is the most recent in a long line of US officials who have urged miners to move their operations to the US. As a result of China’s escalating crackdown on BTC mining, which formerly accounted for around 65 percent of worldwide BTC mining, many enterprises have been forced to close. Today Senator Lummis took to Twitter and said the University of Wyoming is mining”.
A field of dreams moment… https://t.co/4ihPDED37W
— Cynthia Lummis ? (@CynthiaMLummis) September 23, 2021
Earlier on July 3, Senator Lummis tweeted after appearing on CNBC’s Financial Advisor Summit, “If you are in the Bitcoin mining space, please reach out.” We WANT you to come to Wyoming.”
PS – If you are in the #Bitcoin mining space, please reach out. We WANT you in Wyoming. https://t.co/OUPAEYTXTG
— Cynthia Lummis ? (@CynthiaMLummis) July 3, 2021
China’s move, according to Michael Saylor, CEO of MicroStrategy, was a “trillion-dollar error” that had “squeezed the [bitcoin] business” out of the nation. Some miners have now relocated their operations overseas, with Texas being a popular choice due to its low energy costs. Senator Lummis’ offer to Wyoming comes after Miami Mayor Francis Suarez extended a similar invitation. Mayor Suarez claims that the city’s own low-cost energy (derived from nuclear power) is appropriate for the energy-intensive mining process.
Wyoming is already recognized for being a crypto-friendly state, with some calling it “the promised land” for Bitcoin investors.
Senator Lummis talks about Bitcoin mining
Senator Lummis discussed BTC mining and its environmental concerns during an appearance at the CNBC Financial Advisor Summit at the end of June.
She told correspondent Ylan Mui, “There was research at the University of Cambridge that showed bitcoin mining consumes roughly 40% renewable energy.” “And it’s only 12% in the non-bitcoin mining industry. As a result, bitcoin mining has already adapted to non-carbon emitting energy sources.”
Several times during her visit, the senator campaigned for Bitcoin, admitting that she had no other cryptocurrency investments.
“Bitcoin is the only one I actually understand,” she remarked. “Now, this isn’t to say that Ethereum doesn’t have its own set of advantages. “I don’t want everyone putting all of their money in bitcoin, just as I don’t want everyone putting all of their money in dollars and stuffing it under their mattress. Diversification appeals to me. However, because there will only be 21 million bitcoins ever mined, I believe it is an excellent store of wealth due to its specified scarcity.”
Senator Lummis returned to the environmental issue as the interview came to a close, adding, “There’s a lot of creativity going on behind the scenes.” So, don’t dismiss bitcoin mining as a source of energy waste. A number of things are going on right now that prove otherwise.”
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