Bitcoin mining under the microscope of the Biden government! Are strict rules coming?

US President Joe Biden's administration has issued an "emergency data collection request" regarding the energy consumption of Bitcoin mining, causing quite a stir among cryptocurrency enthusiasts.

The US Energy Information Administration is set to begin collecting this urgent data next week. As part of the request, which was approved by the Office of Management and Budget on January 26, Bitcoin miners must provide information on their energy consumption.

Market participants are concerned that the current US government investigations into Bitcoin mining will lead to stricter regulations on the industry in the future. This decision was made while, according to a report by Forbes magazine, Bitcoin supporters are becoming more interested in this cryptocurrency, believing that the US currency is about to fall.

These concerns have been raised due to increased dollar printing and debt caused by the spread of the COVID-19 pandemic. According to reports, the US national debt recently reached an all-time high of $34.1 trillion.

According to market experts, uncertainty about the national debt and the value of the US dollar could act as a catalyst for the growth of the crypto market.

In fact, in such a situation, traders may choose to keep their money away from centralized authorities. In this case, the attractiveness of digital and decentralized assets will increase.

Meanwhile, historical data shows that the price of Bitcoin does not perform well in volatile markets and uncertain macroeconomic conditions. Therefore, in case of US debt default, the possibility of Bitcoin price falling should be considered.#Write2Earn #PYTH #link #JUP #TrendingTopic $BTC $BTC $SOL