Chinese crackdown leads bitcoin miners to Texas and Florida

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CNBC.com’s Pippa Stevens brings you the top business news headlines of the day and what to watch out for as the coronavirus pandemic continues to lock down most of America. On today’s show, CNBC.com’s Jeff Cox explains the Fed’s new expectations for rate hikes and explains why investors are concerned about long-term inflation. MacKenzie Sigalos also reports from CNBC.com from Miami, where the mayor is hoping to woo crypto miners with cheap nuclear power amid a crackdown on China.

The Fed postpones its rate hike schedule when inflation rises

The Federal Reserve on Wednesday significantly raised its inflation expectations for this year and brought forward the timeframe for the next rate hike.

However, the central bank gave no indication of when it will cut its aggressive bond-buying program, though Fed chair Jerome Powell admitted that officials discussed the issue at the meeting.

“You can think of this meeting we had as the meeting to talk about,” Powell said in a sentence reminiscent of a statement he made a year ago that the Fed was “not thinking about it, to think about a rate hike “.

China is kicking out more than half of the world’s bitcoin miners – and many of them could go to Texas

China has long been home to more than half of the world’s bitcoin miners, but now Beijing wants to get them out of the way as soon as possible.

In May, the government called for tough crackdown on Bitcoin mining and trading, triggering what is known in crypto circles as “the great mining migration.” This exodus is underway now, and it could be a game changer for Texas.

Mining is the energy-intensive process in which new coins are created and all transactions of existing digital tokens are logged.

Despite a lack of reserves that caused days of blackouts last winter, Texas often has some of the lowest energy prices in the world, and its share of renewable energy is growing over time, with 20% of its electricity coming from the wind power grid as of 2019, with customers in between Electricity providers can choose, and most importantly, the political leaders are very crypto-friendly – dream conditions for a miner looking for a friendly welcome and cheap energy sources.

Biden signs Juniteenth Bill, which creates a new federal holiday to commemorate the end of slavery in the United States

President Joe Biden signed law on Thursday introducing Juniteenth, the date to commemorate the end of slavery in the United States, as a federal holiday.

Biden himself signed what he called “one of the greatest honors” of his presidency two days before June 19, on June 19 of each year.

“We have come a long way and we still have to go far. But today is a day of celebration,” said Vice President Kamala Harris, who addressed the president at the signing ceremony at the White House.