Spanish MP looks to establish mining industry

Deputy for the Spanish Ciudadanos political party María Muñoz is seeking to establish a bill that would allow the country to transform itself into a hot spot for crypto mining operations.

The move comes in the wake of the turmoil in Kazakhstan, which has forced the country to cut access to the internet and electricity to quash what it now calls an attempt to overthrow the government.

When China shuttered its crypto mining industry, Kazakhstan stepped into the spotlight, offering cheap electricity to potential mining operations.

Muñoz delivered arguments as to why Spain should step up and use this as an opportunity to establish itself on the map of crypto mining business.

“The protests in Kazakhstan have repercussions all around the world but also for Bitcoin. We propose that Spain positions itself as a safe destination for investments in cryptocurrencies to develop a flexible, efficient, and safe sector”, she said.

Before the protests in Kazakhstan began, the country had every intention of developing new sources of energy and imposing strict control over mining businesses to guarantee that the government gets its fair share.

Muñoz said that Kazakhstan was currently the second-biggest miner of Bitcoin (BTC) in the world, based on a Cambridge Center for Alternative Finance Study. However, following the protests, BTC’s hashrate dropped by 13.4%.

Ciudadanos have been champions of BTC mining for years now. They proposed a national strategy on cryptocurrencies in October 2021, citing BTC as the focal point of any legislative efforts.

However, there are those that have cautioned people against jumping too gleefully on the opportunity to host crypto mining.

Speaking to Cointelegraph, PrimeBlock chief legal officer Alan Konevsky argued that hosting mining operations would require political and economical stability. In other words, nobody suspected that Kazakhstan would face some of its worst protests in early 2022 over the increase of the gas prices, but it did.

Spain has no clear-cut framework on cryptocurrency, which makes luring and relocating mining operations not the best course of action for those organizations at the time.

To pass any meaningful regulation, Muñoz would need backing from all political formations, and the Green Party is firmly opposed to BTC, labeling it an environmental disaster.

However, crypto has been used to introduce some greener ways of going about our daily lives. The footprint that an internet crypto casino such as Bitcasino.io, 1xBit and FortuneJack leaves a much smaller than the footprint that Las Vegas leaves.

Source

Updated: 01/11/2022 — 18:00