US Senators Push for Domestic Bitcoin Mining Industry

The US government is taking steps to bolster its position in the global cryptocurrency market by promoting domestic production of bitcoin mining equipment. The 'Mined in America Act', introduced by Senators Bill Cassidy and Cynthia Lummis, aims to reduce reliance on foreign suppliers, particularly Chinese companies Bitmain and MicroBT.

Despite holding a significant 37.5% share of Bitcoin's global hashrate, the US is heavily dependent on imports for its mining equipment. The proposed legislation seeks to address this issue by providing voluntary certification for mining companies and pools that gradually phase out foreign-made equipment.

The bill also includes provisions for the National Institute of Standards and Technology and the Manufacturing Extension Partnership to help US companies develop safer and more energy-efficient mining equipment. Additionally, it aims to create a closed-loop cryptocurrency mining cycle from manufacturing to using equipment for mining and replenishing the strategic reserve.