US Secretary of Commerce Howard Lutnick reveals how the United States aims to support Bitcoin mining operations under President Donald Trump’s administration.
During an interview with Bitcoin Magazine, Lutnick shared his vision for Bitcoin mining. He disclosed that the Commerce Department’s investment accelerator initiative will benefit Bitcoin mining companies and allow miners to set up shop in the U.S.
Bitcoin Miners Will Benefit from Investment Accelerator Initiative
Last month, President Donald Trump ordered the Commerce Department to create an Investment Accelerator office to accelerate investments of $1 billion in the American economy.
This initiative helps clear regulatory hurdles for businesses looking to invest in America and fast-tracks the process of obtaining the necessary operational licenses for these businesses.
Interestingly, the Commerce Secretary emphasized that the investment accelerator would support crypto businesses, particularly Bitcoin mining companies.
Other Bitcoin Mining Support
Besides helping miners obtain the required operational licenses, Lutnick suggests that the Commerce Department would allow Bitcoin miners to build their own power plants right next to where they intend to site their mining data centers.
This power plant, often powered by wasted gas, would allow miners to run their operations off-grid without relying on local utilities.
“Bitcoin miners will be allowed to put their data centers on top of gas fields, with a power plant set up right next to them,” Lutnick remarked. “This way, miners won’t be drawing power [from the existing grid].”
With this support, Lutnick expects the next generation of Bitcoin miners in America to ‘control their destinies’ and drastically reduce power costs. He speculates that the support would ‘turbocharge’ Bitcoin mining operations in the United States.
Trump Wants Remaining Bitcoin Supply Minted on US Soil
The Commerce Department’s push to scale Bitcoin mining operations in the U.S. aligns with Donald Trump’s vision for the industry. Last year, Trump promised to ensure that the United States dominates the Bitcoin mining sector.
He wants the remaining Bitcoin supply to be mined on American soil. This move would enable the United States to dominate the energy sector, according to him.
Bitcoin Is a Commodity, Not a Currency
Meanwhile, Lutnick added credence to Bitcoin’s status as a commodity. According to him, Bitcoin is a commodity and not a currency. He emphasized that Bitcoin should be treated like other commodities, including oil and gold.
Interestingly, Lutnick floated the idea of having the Bureau of Economic Affairs (BEA) incorporate Bitcoin in its national account metrics. This approach is similar to how the BEA refines its account using gold while also recording the exports and imports of the precious metal under its International Transaction Accounts.
Lutnick Welcomes Bitcoin to the US
Further, Lutnick declared that Bitcoin is welcome in the U.S., noting that the current administration has several BTC proponents, including himself and the White House Crypto Czar David Sacks.
The Commerce Secretary says he wants Bitcoin to thrive in the U.S., adding that the industry has to figure out how to win. He emphasized that the U.S. will never return to the era when crypto businesses were treated as if they had committed an offense.
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