As a seasoned analyst with years of experience in the dynamic world of cryptocurrencies and blockchain technology, I find the recent development in the Swiss canton of Bern particularly intriguing. The passage of a motion to commission a report on Bitcoin mining is a testament to the evolving narrative around this pioneering digital asset.
In response to a proposal, the legislative body of the Swiss canton of Bern has chosen to initiate a study regarding Bitcoin mining. However, the Government Council, which serves as the executive power in the canton, has expressed its disapproval towards both the report and Bitcoin mining itself. Nevertheless, advocates are celebrating this decision as a triumph.
The pros and cons of Swiss BTC mining
The report was proposed by the multiparty Bitcoin Parliamentary Group, consisting of 23 members. It passed by a vote of 85 to 46.
The study will explore possible sources of surplus energy within the canton, potential partnerships with Swiss Bitcoin miners, and how Bitcoin mining might contribute to the stability of the power grid.
Based on Bitcoin Trainer’s report, the team considered Texas as a possible example for incorporating Bitcoin (BTC) mining into state energy strategies. They suggested that by welcoming Bitcoin mining, the county could draw in mining businesses and employment opportunities to the area. This move would also support renewable energy production and grid stability, the team concluded.
Initially, the parliamentary group presented a plan for commissioning a report back in March, which was part of multiple proposals they had brought forward. However, in September, the Government Council expressed their disapproval towards this particular proposal. In a recent social media post, Canton member of parliament Samuel Kullmann stated:
“Even though the debate was heavily influenced by classic FUD arguments and missed the point, the proposal ultimately found a clear majority. […] This result is an expression of the fact that the narrative on Bitcoin is changing.”
Based on information from Bitcoin Trainer, the Government Council has stated that the energy usage in Bern Canton is a global, rather than local, concern due to the region’s practice of exporting energy. Furthermore, energy consumption from various data centers is increasing, and advancements are being made in energy storage technology. Additionally, Bitcoin mining is influenced by market dynamics, and Bitcoin does not function as legal tender, which means it falls outside the jurisdiction of the Swiss National Bank.
Switzerland is pro-crypto regardless
Dennis Porter, a key figure in both the Satoshi Action Fund and Satoshi Action Education, contributed to the creation of the proposal for the report. Moreover, it was Porter’s effort that played a significant role in drafting the legislation known as “Bitcoin rights,” which was approved in the state of Pennsylvania in October.
Brad Garlinghouse, Ripple‘s CEO, often commends Switzerland for its supportive attitude towards cryptocurrency. Notably, the crypto-friendly city of Lugano in Switzerland organizes the annual Plan B Forum, while Zug is where the Ethereum Foundation resides along with numerous blockchain businesses.
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2024-11-29 00:26