This is an editorial opinion by Robert Hall, content creator and small business owner.
The White House Office of Science and Technology Policy released a report warning that mining uses a great deal of energy and requires miners to become greener or potentially face a ban. As commoners, what can we do to protect bitcoin from government overreach?
September 8, 2022 should be seen as the day the US government declared war on Bitcoin and its supporters. President Biden and the White House sent shock waves through the Bitcoin community with Advertising Toying with the idea of a potential ban on Proof of Work mining, the core of what gives Bitcoin its power.
There is nothing wrong with this work. This is a blatant attack on Bitcoin, the origin, the Bitcoin protocol, an industry that has grown organically since 2009, and most importantly, Bitcoin supporters.
The Biden Administration Doesn’t Care About Bitcoin Annual settlement volume exceeded Visa last year. Did you know that over $13.1 trillion was settled on the chain in 2021? I guarantee the old financial system is losing sleep because of this and working overtime to put the nails into Bitcoin and try to crack it before they lose complete control.
There is a symbiotic relationship between the federal government, the Federal Reserve, and banks. They need each other to survive. They both draw strength from each other so much that you don’t know who is in charge most of the time.
Banks fund campaigns to buy the politicians they want, and politicians pass laws that benefit the banks. The Federal Reserve is the entity in the middle that facilitates this whole relationship. This is how the system works for banks and the political class. Both parties are motivated to attack Bitcoin, of course.
The federal government uses the ESG (Environment, Social, and Governance) narrative as a convenient tool to make the broader public accept arrogant government interference in business operations. The fact that Bitcoin is secured with energy makes it easy for the government to denigrate the Bitcoin protocol as harmful to society. Here is a small sample of the FUD out there:
This kind of propaganda is being spread around the world without much opposition because Bitcoin is still a relatively small asset class compared to the stock market or the bond market. The market capitalization of Bitcoin, as of the time of writing, is less than $500 billion. So why are they chasing Bitcoin like this now?
Looking at everything that is happening around the world lends credence to the idea that they are losing control of the situation and trying to block the exits. Think of this procedure as a type of capital control function. The government does not want dollars to flow into an asset that it does not control. They can’t kick the can on the road, and they know it.
I think the Biden administration is coming up with this idea about banning Proof of Work mining because it plans to implement this policy in the near future. This is a red standing position, and all hands must be on deck for this position. If you are interested in bitcoin, you must take action.
How can bitcoins resist?
As bitcoiners, we can take a lot of action to stop this policy before it is implemented. The best course of action is to educate people about the ability to stop it from moving forward.
What this sounds like in action is to contact House and Senate representatives to express your voice on this issue. The more people talk, the more they listen. This tactic has proven successful in the past, and a recent example of this is rapid mobilization against Infrastructure bill last year. Forty thousand calls were made last year during this battle!
Despite the tremendous efforts of backers throughout the broader cryptocurrency industry, the infrastructure package ended up being signed President Biden last November. Although we lost this fight, the bright side of the episode is that we were able to rally thousands of people for a phone call, which is a big deal and buildable.
Focus on countries
We need advocacy and education more than ever to help protect Bitcoin from being strangled to death. The beauty of America is that we have a decentralized form of government. We have 50 state legislatures that should listen to what bitcoins have to say.
This is where we need to focus our efforts, in my opinion. Advocacy and education at the federal level can help, but I take it for granted that the current administration is anti-Bitcoin and will not be influenced by its position because they value control and power over the well-being of the American people.
Bitcoin makers must rely on the strength of the US Tenth Amendment to make their case before state lawmakers. The Tenth Amendment reads:The powers not delegated by the Constitution to the United States or prohibited by the States are reserved to the States respectively or to the people.”
No place in the Constitution gives the federal government authority to regulate how people or states use energy. The so-called Proof of Work mining ban would be unconstitutional and should be rescinded by states in response.
Educating state lawmakers on both sides of the aisle about bitcoin mining and the benefits it can generate for their state will motivate them to advocate for bitcoin mining with the Tenth Amendment.
If you don’t want to work through state legislatures, the citizens of those assemblies 26 Countries Have the Power to Defend Bitcoin Mining Through Ballot Initiative!
Last but not least, ignore any “ban” that may occur and keep the miners at home. Imagine a world where every home has something as basic as S9 bitcoin mining at home – there’s nothing they can do about it.
We, as free people, have the right to use the best money ever created to protect our wealth and our time. We can’t let the government take that from us right away. Good fight! In the end we will win.
This is a guest post by Robert Hall. The opinions expressed are entirely their own and do not necessarily reflect the opinions of BTC Inc. Or Bitcoin Magazine.