Across US, Chinese Bitcoin Mines Draw National Security Scrutiny (cryptotimes.io) 23
According to the New York Times, Chinese-owned bitcoin mining operations in the United States are causing security concerns due to their proximity to important sites and the potential for cyber threats. The Crypto Times reports: There are some mining facilities close to critical sites such as Microsoft data center for Pentagon's Air Force nuclear's missile base in Wyoming USA. Officials in U.S. fear Chinese espionage activities at these places. These mining operations began after China banned bitcoin mining in 2021. These individuals sometimes maintain connections with the Chinese Communist Party or state-owned companies which may be kept concealed through multiple layers of companies.
Texas has turned out to be a haven for Chinese-linked Bitcoin mining, with some US states having restrictions but Texas offers incentives. This might pose a threat to the power grid or essential infrastructure. A new concern has recently been raised in a report related to a potential cyber strike on the US infrastructure by China in case a major conflict arose.
Texas has turned out to be a haven for Chinese-linked Bitcoin mining, with some US states having restrictions but Texas offers incentives. This might pose a threat to the power grid or essential infrastructure. A new concern has recently been raised in a report related to a potential cyber strike on the US infrastructure by China in case a major conflict arose.
It is weird (Score:1)
Does the US have the cheapest electricity rates? I would think there are a million better places to set up their operations.
I assume it's companies like Bitmain otherwise it doesn't make sense to mine coins at all especially right now. If you're a manufacturer though you can front-run the whole game with new secret tech. Then they sell the gear to morons just before it becomes unprofitable; double profit!
Though I would think shipping all that equipment to the US would be expensive as hell. Maybe they are do
Not that weird (Score:4, Insightful)
A lot of people appreciate the civil stability found in the US, and it is still relatively cheap and unregulated compared to northern Europe
It is really just the nutter fringe that wants a big L Libertarian state, and they are just useful idiots for rich folk, that don't want to pay their taxes for the civil stability other people come her for
Re:Not that weird (Score:4, Informative)
Yes, there is nothing like a local gang cutting the gas supply to the power plant, posting armed units on the roadways, or just cutting your lines to the local telco (assuming there is a local telco) to cut back on uptime and connectivity, two fundamental needs of any bitcoin operation
what do you think it runs on Libertarian fairy dust? How many bitcoin mining operations are there in Haiti, Nigeria or Belize? [investmentmonitor.ai]
Re: (Score:2)
A lot of people appreciate the civil stability found in the US, and it is still relatively cheap and unregulated compared to northern Europe
It is really just the nutter fringe that wants a big L Libertarian state, and they are just useful idiots for rich folk, that don't want to pay their taxes for the civil stability other people come her for
...wtf...?
So they come here for civil stability, which you're arguing that taxes pay for, but then you simultaneously argue against Northern Europe, which is known for its higher tax rates. And the irony that they're often choosing Texas, which has even looser regulations and lower taxes, isn't lost either.
You're making no sense dude...
Re: (Score:2)
erm...
Life is not black and white, as you seem to see it
There is plenty of room between high tax, high regulation countries like Germany and low-cost alternatives like Russia or Kazakhstan for Texas to slip in and offer a country with a working legal system, rules against bribery and *nudge* *nudge* Tax Breaks to attract more than a few investors. As much as you discount those things, they have value for people who have seen the alternatives.
FYI, if you are going to continue to use straw men arguments, then
Re: (Score:2)
That's not a straw man. A straw man would be me creating an argument that you never made, and then attacking it. Problem with what you're saying is that I didn't even create any argument on your behalf to begin with. You made a talking point, and then in a rant against libertarians, contradicted yourself, which I pointed out. Either that or you simply have no idea what the word libertarian even means. Libertarian does not mean anarchist. To wit, libertarian doesn't mean no laws and no taxes. Libertarian mea
Re: (Score:2)
Does the US have the cheapest electricity rates?
No. There are some countries that have cheaper power because of idiotic subsidies, but they usually have caps.
America's isn't the cheapest on average, but some areas of the US have cheap power. Texas is cheaper than most states and offers better wholesale prices and time-of-day pricing.
Texas also offers cheap power to those willing to pay much higher rates during surges in demand. The miners, of course, drop off during those surges. So instead of a "threat" to the grid as TFA alleges, they actually help to
Re: (Score:2)
Texas's electrical grid is unstable BECAUSE they refuse to cooperate in interstate power grids
The Feds have very little to do with it, much less jumping in to take it over
students of propaganda take note (Score:3)
Sorry , just not convinced that China is an enemy.
Re: (Score:2)
Trade and mutual reliance are two key elements to lasting Peace
However, many people in both countries are ruled by their amygdala and want to rattle sabers whilst shitting their pants in fear [doctornerdlove.com]
Re: (Score:3)
Sorry , just not convinced that China is an enemy.
Then you are either a shill, or a useful idiot.
bitcoin mining is still legal? (Score:1)
why ?
and if we can't just make it illegal the least we could do is charge them 5x the normal rate for electricity.
Re: (Score:3)
Because as much as it may annoy you, there's nothing particularly nefarious about running a bunch of ASICs.
Programs can now jump to neighboring address? (Score:4, Insightful)
Re:Programs can now jump to neighboring address? (Score:4, Insightful)
Close proximity may offer opportunities for signals intelligence.
Re: (Score:2)
of course (Score:2)
The logical flip side to "Chinese crypto mining operations are forming close to sensitive government sites" might be that sensitive government sites are somehow so plentiful it's impossible to miss them, which naturally might raise other questions.
Re: (Score:2)
It probably has to do with good real estate for datacenters. There tend to be places that are friendly to datacenters and may have access to things like power and cooling. Datacenters are not evenly distributed across the US.