As a seasoned crypto investor with over a decade of experience navigating the volatile world of digital assets, I can’t help but agree with MARA Holdings’ urgency to secure dominant positions in Bitcoin and Bitcoin mining. My personal journey has taught me that staying ahead in this space often means being one step ahead of the competition.
MARA Holdings, a company involved in cryptocurrency mining, has advocated for a more proactive approach by the U.S. government to establish strongholds in Bitcoin and Bitcoin mining, asserting that this is crucial for our country’s security.
In a November 26th post, MARA stated that the U.S. is confronted with an immediate necessity to safeguard both its economic and national security concerns.
The miner added that the US needs to take the lead in holding Bitcoin (BTC) just like it has with gold, particularly with the rising trend of de-dollarization — countries shedding reliance on the US dollar.
According to MARA, while the U.S. dollar is not supported by direct gold backing anymore, maintaining large amounts of gold as a reserve continues to be crucial for national security reasons. This gold reserve allows the United States to conduct financial transactions when other countries may start doubting the stability of the dollar.
MARA Holdings, previously known as Marathon Digital, pointed out that the United States owns slightly more than 200,000 Bitcoins, while China is close by with approximately 190,000 Bitcoin in its possession.
As per World Gold Council’s data from the second quarter of 2024, the United States owns approximately 8,133 metric tons of gold, significantly more than China, which has about 2,264 tons.
With increasing talk that nations might be stockpiling Bitcoins before the upcoming Trump Administration, it’s important for the U.S. to act quickly to establish strongholds in Bitcoin ownership and mining,” the statement suggested.
According to MARA, a large part of this situation hinges on maintaining a substantial portion of the worldwide mining power for Bitcoin, so as to deter “opposing countries” from interfering with or tampering with the Bitcoin transactions in any manner.
As a crypto investor, I recognize that not having enough access to blockspace and hashrate could potentially expose the U.S. to increased external influences, given the escalating role of Bitcoin in both financial and geopolitical arenas worldwide.
As a crypto investor, I’ve learned about MARA’s proposed six-point strategy to address potential threats. One crucial aspect of this plan is their emphasis on boosting local manufacturing of ASIC chips for mining equipment. This move aims to lessen our reliance on overseas vendors, which seems like a smart strategy to ensure stability and self-reliance in the long run.
Currently, Bitmain, a company located in China, stands as the global leader in the production of cryptocurrency mining equipment, accounting for approximately 75% of the market (some speculate this could reach up to 90%). MicroBT, another Chinese company, comes in second place in this industry.
The crypto miner has also called for more investment into US Bitcoin mining, the set up of a Bitcoin strategic reserve and more legal clarity and incentives for Bitcoin miners and investors and for the US to set global standards for decentralized networks.
Established in 2010, Mara is located primarily in Fort Lauderdale, Florida. Although a significant portion of its active computing infrastructure lies within the United States, specifically Texas, North Dakota, and Nebraska, it also collaborates on projects in Paraguay and Dubai through joint ventures.
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2024-11-27 06:46