Post
Topic
Board Legal
Re: Why haven't governments attacked Bitcoin miners as unlicensed auctioneers?
by
zasad@
on 16/08/2024, 11:28:38 UTC
Transaction fees can be thought of as an auction protocol where users bid on the unit cost for a block’s compute capacity. As in a first-price auction, people pays the highest unit cost for block capacity to get their transactions mined sooner.
 
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Mining is a business, and businesses have lots of lobbyists to help the government pass the right laws to benefit the mining companies. In the two major countries (USA and Russia), which are leading in mining, mining is a production and therefore protected by laws.
Russia also passed a law on mining in August.