Amidst growing calls for bitcoin mining to be regulated, a top business executive has revealed that the United States is secretly mining bitcoin. Or did he? The subject of bitcoin mining and its impact on the environment, the national grid, and subsequently on energy tariffs, has become a much-discussed one in the last year. Bitcoin mining energy consumption is massive and costly.
The CEO of Compass Mining, Whit Gibbs, made the admission that the US might be mining bitcoin secretly. Gibbs did this during a live show hosted by popular investor and crypto commentator, Anthony Pompliano. During the show, Gibbs was diplomatic in answering questions about bitcoin mining by the US government.
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Gibbs noted other countries that are mining bitcoin and those that have banned bitcoin and other cryptocurrencies. But when directly asked about the US entering that industry, he simply said that it already mines bitcoin. But, as if reminded of making unfounded claims, he quickly added a “maybe” to once again put the answer on the balance.
His initial response is however convincing enough to make people believe that the US is mining bitcoin. And Gibbs would know, given his familiarity with the top people in the bitcoin mining industry and being close to the government offices that oversee such mining firms.
But Gibbs also mentioned that the government could be mining bitcoin purely for security research as it seeks a better understanding of crypto and the possible impact on national security.
Does the US Government Support Crypto?
According to Gibbs, he and others have discussions centered on bitcoin and cryptocurrency with the US government at state and federal levels. He noted that the governments at each level are looking into the future over bitcoin mining. Gibbs expressed confidence that cryptocurrencies will become globally adopted and lead the economy.
Gibbs also noted that it would be unwise for countries to steer off cryptocurrencies. He is bullish on bitcoin’s future and referenced El Salvador, the South American nation that has adopted bitcoin and is planning massive bitcoin mining. Gibbs said that El Salvador is leading other countries that are disadvantaged by the present financial system into a new one that benefits all.
It won’t be surprising, therefore, that the US government is mining bitcoin. The US takes security seriously and will research any new technology that could potentially harm or benefit its systems.
Crypto Regulation in the US is Uncertain
As of writing, the US government has not announced any regulation for crypto and crypto mining. The government is taking its time to understand crypto and discuss the potential implications that certain regulations may have on the industry. The US Capitol was reported to have invited several crypto executives to a meeting about cryptocurrency.
Just over a decade ago, the concept of cryptocurrencies would have seemed impossible, but the world is moving towards a digital asset financial system today. Gibbs and others who are positive on global crypto adoption may be right; the signs are pointing in that direction.