On October 5th, for the first time ever, every single Member of Congress received bitcoin as a campaign contribution as part of an initiative called “Crypto for Congress.” Through the Crypto for Congress initiative, all 535 Members of Congress received a hands-on experience with cryptocurrencies – starting with a $50 bitcoin donation from the Chamber of Digital Commerce PAC. Core Scientific was proud to support this initiative by providing the computing power, known as hashrate, needed to mine the bitcoin being sent to Congress members.
We tapped into our industry leading infrastructure and hosting services sites in Dalton, Georgia, Calvert City, Kentucky and Marble, North Carolina in order to provide the hashrate needed to mine new bitcoin. We directed our hashrate to mining software company Luxor Technology, who then used the hashrate to mine a clean block specifically to generate bitcoin for this initiative. The reward from the mined block then went straight to the Chamber PAC’s wallet as newly minted coins from the Bitcoin coinbase. Finally, these newly minted coins were sent to the wallet addresses that distributed the bitcoin to the Congressional members.
China has been a consistent leader in the source of mining hashrate; however, this initiative prioritized giving bitcoin to Members of Congress that came from the United States, knowing these policymakers would be more enthusiastic about bitcoin that was “American-made” and that they could trace exactly where it came from. As a result of utilizing companies like Core Scientific in the mining process, this initiative further showcased the rising and robust North American mining industry that is producing jobs and economic growth in the United States.
Already, there are many other nations out there, like China and the European Union, who understand the importance of blockchain and have strategic plans of action for encouraging the development of blockchain technologies. The United States and its policymakers need to join these nations in supporting innovation with the appropriate regulation. In order to make informed decisions about regulating blockchain technology, Members of Congress need to be educated about this technology. As with any technology, the best way to learn is to use the technology and immerse yourself in it. This initiative enables Congress to actually use and experience blockchain in order to better understand it. The better they understand it, the better they can create regulation that enables companies to innovate, and specifically within our industry, enabling the United States to continue to emerge as a global mining hub. Read more here.
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