Lutnick proposed a unique energy model for Bitcoin mining, encouraging miners to establish data centers near untapped gas fields with dedicated power plants.
The initiative seeks to formalize Bitcoin’s role as a commodity within national economic metrics, akin to gold. Lutnick suggested the Bureau of Economic Affairs (BEA) track Bitcoin in imports, exports, and refining activities.
U.S. Secretary of Commerce Howard Lutnick filed a wide initiative to push the role of Bitcoin (BTC) in the American economy. The move aims to provide policy support to domestic mining and urge its inclusion in federal economic reports.
According to a recent interview with Bitcoin Magazine, Lutnick disclosed how the Department of Commerce intends to work with President Donald Trump’s plan to have the United States become a pioneer for the Bitcoin economy.
U.S. Secretary of Commerce Rolls Out Major Bitcoin Initiative
At the center of the plan is the recently created Investment Accelerator office, established last month at the direction of President Trump. The office is meant to clear regulatory obstacles and streamline the process for businesses to secure necessary operational licenses in order to speed up investments totaling $1 billion into the U.S. economy.
However, Lutnick clarified that this program is intended for use by cryptocurrency-related undertakings. According to him, such an initiative “will benefit Bitcoin mining companies and allow miners to set up shop in the U.S.” It is a change from how the prior federal approach has treated digital asset businesses, which have often had to wait for slow licensing and uncertain regulatory treatment.
Lutnick also talked about reducing their reliance on local power infrastructure through the building of energy supplied by the Bitcoin miners themselves. Mining is said to have described a model in which miners could power dedicated power stations close by to their data centers with untapped gas fields.
“Bitcoin miners will be allowed to put their data centers on top of gas fields, with a power plant set up right next to them,” he said. Lutnick further added,
This way, miners won’t be drawing power [from the existing grid].
The power costs of Bitcoin mining are one of the most critical expenses, and so applying this strategy could potentially significantly decrease them while providing energy autonomy for Bitcoin mining operations. Lutnick believes this setup would allow American miners to “control their destinies,” enabling long-term sustainability and scalability in the industry.
BTC’s Economic Role In Spotlight
Besides mining logistics, the Secretary of Commerce also spoke about the role of Bitcoin in today’s economy. Lutnick views BTC as a commodity instead of a currency. Thus, Lutnick suggested that the Bureau of Economic Affairs (BEA) should be able to start counting Bitcoin within its national account systems. Moreover, the agency should use the same type of methodologies pertaining to gold, which is tracking overall account metrics, imports, exports, and refining, he said.
However, Lutnick said that Bitcoin support is increasing within the administration, as reported earlier. Alongside himself, he cited the involvement of White House Crypto Czar David Sacks as part of a broader effort to normalize crypto in the U.S. financial and regulatory scene. This initiative echoes President Trump’s stated desire to ensure the remaining supply of Bitcoin is mined domestically, solidifying the nation’s footprint in both the crypto and energy sectors
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US Secretary of Commerce Unveils Plan to Recognize Bitcoin in National Accounts - Crypto News Flash
U.S. Secretary of Commerce Howard Lutnick filed a wide initiative to push the role of Bitcoin (BTC) in the American economy. The move aims to provide policy support to domestic mining and urge its inclusion in federal economic reports.
According to a recent interview with Bitcoin Magazine, Lutnick disclosed how the Department of Commerce intends to work with President Donald Trump’s plan to have the United States become a pioneer for the Bitcoin economy.
U.S. Secretary of Commerce Rolls Out Major Bitcoin Initiative
At the center of the plan is the recently created Investment Accelerator office, established last month at the direction of President Trump. The office is meant to clear regulatory obstacles and streamline the process for businesses to secure necessary operational licenses in order to speed up investments totaling $1 billion into the U.S. economy.
However, Lutnick clarified that this program is intended for use by cryptocurrency-related undertakings. According to him, such an initiative “will benefit Bitcoin mining companies and allow miners to set up shop in the U.S.” It is a change from how the prior federal approach has treated digital asset businesses, which have often had to wait for slow licensing and uncertain regulatory treatment.
Lutnick also talked about reducing their reliance on local power infrastructure through the building of energy supplied by the Bitcoin miners themselves. Mining is said to have described a model in which miners could power dedicated power stations close by to their data centers with untapped gas fields.
“Bitcoin miners will be allowed to put their data centers on top of gas fields, with a power plant set up right next to them,” he said. Lutnick further added,
The power costs of Bitcoin mining are one of the most critical expenses, and so applying this strategy could potentially significantly decrease them while providing energy autonomy for Bitcoin mining operations. Lutnick believes this setup would allow American miners to “control their destinies,” enabling long-term sustainability and scalability in the industry.
BTC’s Economic Role In Spotlight
Besides mining logistics, the Secretary of Commerce also spoke about the role of Bitcoin in today’s economy. Lutnick views BTC as a commodity instead of a currency. Thus, Lutnick suggested that the Bureau of Economic Affairs (BEA) should be able to start counting Bitcoin within its national account systems. Moreover, the agency should use the same type of methodologies pertaining to gold, which is tracking overall account metrics, imports, exports, and refining, he said.
However, Lutnick said that Bitcoin support is increasing within the administration, as reported earlier. Alongside himself, he cited the involvement of White House Crypto Czar David Sacks as part of a broader effort to normalize crypto in the U.S. financial and regulatory scene. This initiative echoes President Trump’s stated desire to ensure the remaining supply of Bitcoin is mined domestically, solidifying the nation’s footprint in both the crypto and energy sectors
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