The furious money-printing of the Federal Reserve during 2020-21 has played a role in the migration to the United States of bitcoin “mining” – a misnomer out of a teenage video game – and the United States becoming “the darling” and “the hub of the bitcoin mining world,” according to a long article on CNBC July 18. While China was cracking down on Bitcoin speculation, “All the money printing [by the Fed] during the pandemic meant that more capital needed to be deployed” to buy powerful computers to create electronic money, mining engineer Brandon Arvanaghi told CNBC. “People were looking for places to park their cash. The appetite for large-scale investments had never been bigger.” [https://www.cnbc.com/2021/07/17/bitcoin-miners-moving-to-us-carbon-footprint.html]
Since it’s known that the Fed’s monetary excesses both enriched those already speculating in stocks and real estate, and made speculations in general more profitable, the larger Bitcoin operators, who are pure speculators, were already heading to the United States in droves before China banned their activity. Ironically, the Bitcoin miners were doing exactly the same thing the Fed was doing – creating electronic reserves, in one case of fiat, in the other of fake money, in one case for banks, in the other for wealthy speculators – but using a great deal more electricity to do it.
