MGT’s Bitcoin Mining Facility to Counter Growing Chinese Dominance?
John McAfee's new mining facility currently being set up in the State of Washington may be the answer to growing Chinese dominance of the Bitcoin network. China has always been considered as a threat in the capitalistic economic system. The world’s largest country in terms of population has been blamed for eating into the jobs as it continues to be a favored manufacturing destination for many companies across the world. The Asian country has now gained a strong foothold in the Bitcoin sector as well. An analysis of leading Bitcoin mining pools shows that over 51 percent of the total....
Related News
Bitmain, the Bitcoin mining equipment manufacturer has clarified its role in the new 140,000 kW data center. The distribution of Bitcoin hashing power is one of the most debated subjected among the Bitcoin community members. Recent reports of Bitmain’s upcoming mining facility has got people talking about the increasing dominance of Chinese mining pools in terms of hashing power. The announcement also garnered a reaction from Peter Todd, one of the well-known names in the Bitcoin development community. In his Twitter reaction to reports of new upcoming 140,000 kW Bitmain mining facility in....
MGT Capital Investments Inc first announced its debut into the Bitcoin mining business in late June and has reported its mining rewards for Phase One. The Bitcoin operation started when John McAfee, creator of McAfee Antivirus, took over the MGT earlier this year and has steered the company into Bitcoin and Blockchain technology. Marco Streng, CEO of Genesis Mining, spoke to Cointelegraph about MGT’s Bitcoin mining operations: “We appreciate the efforts of MGT going into mining and think it is good for the industry. Since 10 PHs is still a relatively small size operation the direct effect....
A Chinese-Iranian Bitcoin mining facility is set to resume operations after being forced to shut down earlier in the year. After four months of closure, Iran’s largest Bitcoin mining facility is set to resume its operations.According to a report by IranWire, the decision to restart operations at the Bitcoin mining farm was due to massive financing put up by Chinese backers.Located in Rafsanjan, a city in the Kerman Province of Southeast Iran, the Bitcoin (BTC) mining farm was at the center of controversy earlier in 2021.Back in January, the authorities in the province ordered the closure....
In Kongyu, Tibet, hydropower electricity is inexpensive, as are wages. And Chinese entrepreneurs are among the world’s most capable and least risk averse. This combination makes Kongyu in China’s western Sichuan province an ideal place for a bitcoin mining operation, as revealed by a Washington Post report. Chinese mines comprise about 70 percent of the world’s bitcoin processing power. Chinese factories produce the cheapest microprocessors that run the mines. Chinese bitcoin exchanges represent a similar portion of global bitcoin trading. Is such dominance good or bad for bitcoin’s....
The Chinese company BitKan, which launched in 2013, has added an OTC (over-the-counter) trading feature to its app available for overseas markets. The feature is already popular in China. This follows the conclusion of its first round of funding, where it received a $2 million investment from Bitmain. OTC trading feature added. In April, BitKan received $2 million of investment from the Chinese Bitcoin mining hardware company, Bitmain in its A-round of funding, allowing it to launch over-the-counter trading via its app in May. Over-the-counter trading differs from exchange trading in that....