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China withdraws, U.S. legislation? -- U.S. Senators Announce "American Mining" Bill

2021 was a disastrous year for Chinese Bitcoin miners. Regulatory authorities officially introduced measures banning Bitcoin mining and classified it as "obsolete capacity." However, five years later, on March 30, 2026, two U.S. lawmakers proposed legislation to promote Bitcoin mining!

Senators Bill Cassidy and Cynthia Lummis announced the "U.S. Mining Act." This proposal aims to support domestic crypto infrastructure and local machine manufacturing, striving to establish a more solid legal foundation for U.S. Bitcoin reserves. Currently, the bill has not yet become law and is only in the proposal stage. Even so, this move is significant because it integrates industry strategy with federal crypto policy into a single plan.

The bill will establish a voluntary certification program, allowing mining facilities to be certified by the Department of Commerce and earn the "Made in America" label. As part of the certification, these entities commit to gradually phase out mining equipment produced by companies linked to foreign adversaries such as Russia and China.

❓❓ Is this protection or elimination?

1. Is Bitcoin useless or digital gold?

In 2021, China classified Bitcoin mining as obsolete capacity, and the "Bitcoin useless theory" was rampant. At that time, Bitcoin's price was over $30,000. However, today, after experiencing a bear market, the price remains at $67,000. More importantly, from early on, small countries like El Salvador and now the U.S. have designated Bitcoin as a national strategic reserve. Bitcoin trading has entered Wall Street markets, and the cryptocurrency market has become a liquidity market alongside gold, stocks, and oil. When the U.S.-Iran war broke out, people even debated whether to buy Bitcoin as a hedge. The pros and cons are obvious.

2. Behind the hash rate competition is the fight for Bitcoin's pricing power

Once upon a time, China controlled most of Bitcoin's hash rate. Some mining pools even raised concerns about a 51% attack because their hash rate nearly exceeded 50% of the total network. Holding such hash power meant China had significant influence over Bitcoin's price. Back then, "Chinese miners stomping their feet could shake the price," and "regulatory intervention could cause the price to tremble." But five years later, Bitcoin's pricing power has shifted to the U.S. A decision by Wall Street could cause a sudden price spike, and a tweet from Trump could trigger a black swan event. Meanwhile, new regulations introduced by authorities over several months might only cause the market to shrug indifferently.

3. The AI era is coming, and miners' hash power becomes "gold-inlaid jade"

Recently, a hot topic is many miners abandoning mining to shift toward the infrastructure leasing industry. This is a two-way choice. As AI industry competition intensifies, high-quality hash power held by miners has become a scarce resource. Meanwhile, large-scale mining hardware manufacturers' capabilities in chip design, semiconductors, and cooling technologies are becoming the "big guns" of the AI era.

💪 Impact on the Cryptocurrency Industry

1. Reshaping the mining industry landscape: Promoting domestic manufacturing and supply chain security

One of the core measures of the Bitcoin mining bill proposed by U.S. Senators is to require certified mining facilities to gradually phase out equipment made by foreign adversaries, while promoting domestic mining hardware manufacturing. This regulation will directly reshape the global supply chain of crypto mining equipment.

Currently, the global Bitcoin mining hardware market is highly concentrated, with Chinese companies holding 97% of the market share. The bill's passage means U.S. mining companies will have to adjust their procurement strategies, shifting toward domestic suppliers or companies outside restricted regions. This will create a huge market space for U.S.-based mining hardware manufacturers, stimulate R&D and production investments, and push the U.S. toward self-reliance in crypto mining hardware.

2. Upgrading financial strategy: Building reserves and reinforcing dollar hegemony

The bill incorporates Trump's executive order on establishing a strategic Bitcoin reserve, which has profound financial strategic implications. The U.S. government plans to purchase 1 million Bitcoins over five years and establish a strategic reserve, which could significantly impact the global crypto market and financial system.

From a market perspective, the U.S. government's large-scale purchases will alter Bitcoin's supply and demand dynamics. In the short term, heavy buying will push Bitcoin prices higher; in the long term, the reserve will increase market stability and reduce volatility. Additionally, U.S. holdings of Bitcoin will enhance mainstream recognition, attracting more institutional and retail investors, further developing the crypto market.

On a strategic financial level, establishing a strategic Bitcoin reserve is an innovative move to reinforce dollar dominance. Bitcoin, as a decentralized digital asset with scarcity and global reach, when incorporated into national reserves, effectively grants the U.S. a new financial tool in the digital economy era. This can strengthen America's influence in the global crypto market and, through interactions between Bitcoin and the dollar, further solidify the dollar's leading role in the global financial system.

3. Accelerating technological innovation: Dual breakthroughs in mining tech and fintech

The implementation of the bill will drive technological innovation in the crypto industry. In mining technology, to meet domestic manufacturing and energy efficiency standards, companies will increase R&D in mining chips, cooling systems, and energy management. This could lead to more efficient, energy-saving mining equipment and industry upgrades.

In fintech, the establishment of a strategic Bitcoin reserve will promote integration between cryptocurrencies and traditional finance. U.S. holdings of Bitcoin will push traditional financial institutions to increase research and deployment in crypto, expanding applications in payments, settlement, and investment. #ETH #PI #SIREN