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Comment by thecrash

This is an interesting exercise in legal argumentation, but it assumes that the US Government wants to push miners out of the US. It's not that they can't, it's that they don't want to.

Outlawing mining in the US would not disable cryptocurrency networks, because miners could still operate in other jurisdictions (and covertly in the US). It might cause a panic and disrupt some American-based crypto companies, but cryptocurrencies have already been shown to withstand panics and business upheavals. Crashing the price of Bitcoin doesn't actually reduce its usefulness to cybercriminals, as long as the market is still liquid.

Worse, banning US mining would ensure that no mining rewards can be taxed by the IRS, excluding the US from the growing cash stream coming from blockchain rewards.

parent thecrash 5 years ago

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