Sen Warren Warns of Security Threats Posed by Foreign-Owned Crypto Miners

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United States Senator Elizabeth Warren has once more voiced worries. During a Senate Committee on Banking, Housing, and Urban Affairs hearing on July 25, she underlined this time any risks presented by foreign-owned bitcoin mining companies on American territory.

Senator Warren Maintains Anti-Crypto Viewpoint

Democrat Senator Warren cautioned the committee on what she believes to be dangers to national security resulting from foreign crypto miners. She underlined that these activities—especially those run by foreign companies—may seriously endanger security and have negative effects on the surroundings. Warren noted that environmental effects and the possibility to compromise national security make foreign-owned mining operations undesirable.

Referring especially to a Chinese-owned complex, Mine One, Warren said, “They’re loud, they’re hot, and they suck up a ton of electricity, which can crash the power grid.”

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President Biden ordered this facility—which is within one mile from a strategic missile station in Wyoming—to be taken down in May. Warren alerted others on the possibility of such activities being exploited for espionage.

“Foreign adversaries are using cryptomines to spy on US military operations. That is an obvious national security risk. But it isn’t the only risk. Foreign-owned cryptomines also threaten the energy grid,” Warren said. She also explained that the link of these facilities to the electrical grid would leave the United States prone to deliberate blackouts and cyberattacks.

Other Entities Buying Mining Facilities

Warren also attacked digital assets themselves, alleging that foreign companies have been covertly buying mining operations with cryptocurrencies. She said this approach lets them get above anti-money laundering rules and conventional banking systems. Warren claims that US-based crypto mining have been surreptitiously returning millions of dollars to China, underlining the need for legislative action.

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“It is time for us to pass laws,” Warren said, advocating rules to handle supposed hazards.

Digital Assets: Biden Administration’s Position

Studies showing that crypto mining can genuinely help energy systems exist notwithstanding Warren’s reservations Research papers released in November 2023, for example, showed that the inherent interruptibility and fast load response features of crypto mining could improve power grid flexibility by balancing loads and raising renewable energy capacity.

Still, the Biden government has been firmly opposing the crypto mining sector. Ordering a crackdown on crypto mining in April, it based its actions on China’s tight policies. This action fits Warren’s continuous campaign against cryptocurrencies since she is advocating strict rules to reduce what she sees as significant hazards connected with the sector.

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