Senator Mike Rounds

@SenatorRounds ↗

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Last Checked Jan. 28, 2022

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Thu May 27 19:51:07 +0000 2021

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Senator Mike Rounds @SenatorRounds

This means that, as bitcoin gets more valuable, more people mine, mining gets harder, it takes more computations and more electricity to mine a bitcoin. Some of you may be familiar with @elonmusk recent statement about bitcoin’s carbon footprint. — PolitiTweet.org

Posted May 27, 2021

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Senator Mike Rounds @SenatorRounds

In short, the more miners there are, the harder it is to mine bitcoins. Since the best way to mine is to simply use more computations, there is an incentive to pool as much effort into mining as possible, simply to make sure your pool has an advantage over other miners. — PolitiTweet.org

Posted May 27, 2021

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Senator Mike Rounds @SenatorRounds

So how does this relate to Colonial Pipeline? Bitcoins only exist as data. They can be tied to digital wallets rather than a specific person’s identity, which means people believe they can receive and spend them anonymously- perfect for secret transactions like ransoms. — PolitiTweet.org

Posted May 27, 2021