Tuesday, May 30, 2023

They present a proposal to recognize the importance of Bitcoin mining in the US.

Key facts:
  • The program is sponsored by Representative Pete Sessions

  • At the moment, Congress has not approved the proposal.

  • Representative Pete Sessions of Texas, in the House of Representatives of the United States of America decided on March 21. This aims to express the opinion of the House of Representatives of the United States Congress, highlighting the importance of cryptocurrency mining that uses a proof-of-work (PoW) algorithm.

    Resolution H. Item 238 highlights the importance of POW mining in the Bitcoin network. He also recognizes that this is a highly competitive and growing industry that could offer significant economic benefits to the United States, particularly in terms of job creation and tax revenue generation.

    In addition, he notes that the United States’ solution could have a strategic advantage over other countries, such as China, which recently decided to ban PoW mining in its territory.

    Energy development should be a critical pillar of growing America’s economy, infrastructure, and national security, and proving that mining can help drive breakthroughs in all of these areas.

    Motion for resolution H. Res 238, Rep

    POW is used for mining cryptocurrencies other than Bitcoin, and is one of the most widely used methods for confirming transactions and ensuring network integrity. But it is also known for its high energy consumption.

    The resolution introduced by Pete Sessions has no legal effect, but the government seeks to draw attention to the importance of POW mining in the context of the cryptocurrency economy. In addition, a call to action to promote more efficient and sustainable mining technologies.

    In relation to this proposal, the United States of America seems to be opening the way for technological development within the cryptocurrency mining industry in the country. CryptoNews has recently reported a resolution issued by the Congress of the State of Texas in which it encourages the development of this activity in the country “Welcome” miners to settle in this state.

    Nation World News Desk
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