The University of Wyoming (UW) is launching a first-of-its-kind Bitcoin Research Institute as part of the College of Arts and Sciences.
The institute will review academic research on Bitcoin, showcasing published studies that have merit and pointing out flaws in others.
Bitcoin is one of many digital currencies that exist outside the authority of any single group or government body.
That independence is part of what’s made cryptocurrency companies a desirable addition to the Cowboy State’s economy. That’s due to Wyoming’s emphasis on self-reliance.
Bradley Rettler, an associate professor at UW and the institute's inaugural director, said the state’s friendly attitude towards Bitcoin was helpful.
“Wyoming happened to be a place where the senator [Cynthia Lummis (R-Wyoming)] is known for Bitcoin advocacy, and the Legislature has a blockchain select committee that is chaired by a guy who teaches at the university,” said Rettler. “And so kind of a lot of things fell into place.”
The institute’s eventual goal is to bring together experts in disciplines that are relevant to cryptocurrency, like computer science, law and philosophy, to co-author papers and give feedback on new work.
Next summer, the institute at UW plans to hold its first workshop for academics working on Bitcoin-related projects to get feedback.
Rettler said the motivation to start it came from the amount of published work he saw online that contained mistakes about cryptocurrencies and their impacts on the environment.
“I'm worried that the decisions are going to be made before the data comes in,” he said. “I think that happens too often, that academia lags behind on these areas of public importance.”
The new institute comes as Wyoming continues to develop closer economic ties to cryptocurrency companies.
The Bitcoin mining company CleanSpark plans to build a 75 megawatt mining site in Cheyenne by year’s end.
The rapid growth of the crypto economy in the state hasn’t been entirely smooth, however.
In May, Pres. Joe Biden announced the closure of a Bitcoin mine in Cheyenne owned by Chinese nationals that was located within a mile of Francis E. Warren Air Force Base.
Biden said the mine posed a national security threat. Francis E. Warren is home to Minuteman III nuclear intercontinental ballistic missiles.
Editor’s Note: Wyoming Public Radio is a licensee of the University of Wyoming, but its newsroom operates independently.
This reporting was made possible by a grant from the Corporation For Public Broadcasting, supporting state government coverage in the state. Wyoming Public Media and Jackson Hole Community Radio are partnering to cover state issues both on air and online.
