Catalan’s Ciudadanos Party Looks to Make Spain a Bitcoin (BTC) Miner Haven
Bitcoin (BTC) mining has been a hot topic across the news wires in recent weeks. The increased focus coincides with a marked increase in chatter from regulators around the world.
Late last week, news hit the wires of a U.S Congress sub-committee preparing a hearing to assess the impact of cryptos and mining on the environment. There has been growing concerns over the impact of Bitcoin (BTC) mining on the environment. The U.S government is not alone over concerns of crypto mining on the environment. The Chinese government banned Bitcoin (BTC) mining in July 2021 as part of its goal to be carbon neutral by 2060.
News of an internet blackout in Kazakhstan hitting Bitcoin mining appears to have drawn greater interest, however. Last Wednesday, the Kazakhstan government imposed a nationwide communications blackout. According to the University of Cambridge, Kazakhstan accounted for 18.1% of the total Bitcoin (BTC) hashrate back in August 2021. A marked rise in the hashrate stemmed from the Chinese government’s mining ban. The U.S was another nation seeing hashrates on the rise as a result of the ban.
Civil unrest in Kazakhstan, reportedly as a result of rising fuel prices and the government’s decision to remove a cap on fuel prices suggest that more instability may be on the horizon. Bitcoin (BTC) miners will likely be concerned of the impact of further blackouts on earnings. With the U.S government now taking a close look at mining, there is another incentive for miners to look to mining friendly nations.
Spain’s Ciudadanos Party Proposes Spain as a Crypto Hotspot
This morning, news hit the wires of the Deputy for the Spanish Ciudadanos political party proposing “a bill to make Spain a Bitcoin mining hotspot”.
Catalonia’s single largest political party had proposed a strategy on cryptos last October in a bid to place Spain central to crypto investments in Europe and beyond.
For the Ciudadanos Party and Bitcoin (BTC) advocates in Spain, the chances of success look slim. Members of the EU form part of the European Green Deal.
The initiatives outlined are embedded in European Climate Law, the European Climate Pact, and the 2030 Climate Target Plan. For Bitcoin (BTC) miners, there is one key instrument, the EU Emissions Trading System (EU ETS). This is considered pivotal to the EU’s goals to combat climate change by reducing greenhouse gas emissions. The EU ETS is an instrument established to “reduce greenhouse gas emissions from the power sector, industry, and flights within the EU”.
Bitcoin (BTC) Price Action
At the time of writing, Bitcoin (BTC) was down by 3.47% to $40,415. After briefly revisiting $42,200 levels early on, Bitcoin (BTC) tumbled to a to a current day low $39,668 before finding support. It was Bitcoin’s (BTC) first visit to sub-$40,000 since September 2021.
News of U.S bank Goldman Sachs projecting 4 red hikes by the FED in 2022 sank Bitcoin (BTC) this morning.Source