US Senators Introduce Mined in America Act to Boost Domestic Crypto Mining

The US government is taking steps to strengthen its position in the global cryptocurrency market with the introduction of the Mined in America Act.

The bipartisan bill, introduced by Senators Cynthia Lummis and Bill Cassidy, seeks to incentivize domestic cryptocurrency mining and establish a national Strategic Bitcoin Reserve. This reserve will be housed within the Department of the Treasury and is intended to mitigate risks associated with foreign dependencies.

Currently, 97% of the hardware used in US-based cryptocurrency mining facilities is produced abroad, primarily in China. In an effort to reduce this reliance on foreign technology, the Mined in America Act establishes a voluntary certification program for mining pools operated by the Department of Commerce.

Certified facilities will be required to transition away from equipment associated with 'foreign enemies,' promoting the development and use of energy-efficient US-manufactured hardware. This initiative is expected to boost domestic production, create jobs, and enhance national security.