Will State Mining Propel Bitcoin to $100,000?

bitcoin electricity mining iran abstract

State mining is here. Generally indirectly and at arms length, but at least three countries most likely have what we’ll call a bitcoin strategy. Venezuela, North Korea, and Iran are probably at the early stages of what in years to come might turn out to be the dawn of bitcoin based international trade. All three countries are under sanctions, with little known about North Korea’s bitcoin strategy except bitcoin has been mined there since 2018. For Venezuela there are reports the army or police seizes asic miners and then mines itself with this being a very failed state. So less a strategy, here it’s probably more basic revenue for food. Iran however is a different league. It has a functioning state, a generally educated population, and a GDP of some half a trillion, more than Belgium and many other countries. As such, politics aside, its strategic embrace of bitcoin can…

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