China crackdown shows industrial Bitcoin mining a problem for decentralization
The great hash rate plunge caused by an exodus of miners from China shows large scale Proof-of-Work mining facilities are vulnerable to regulation. Bitcoin’s reliance on large-scale mining infrastructure and geographic concentration has been thrown into sharp relief by China’s recent mining crackdown. In May, China announced that it would be getting tough on crypto mining and trading as a response to financial risks. The nation’s crackdown on crypto is not new, rather it's a reiteration of previous standings on the risks of digital currency to economic stability, in response to recent....
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Bitcoin mining took a big hit when the Chinese authorities commenced a crackdown on crypto mining. This had led to an exodus of miners out of China. Which had been the world’s headquarters of mining at the time. Over 70% of the entire mining in the world is carried out in China before the crackdown […]
Bitcoin mining companies in the west yield strong returns as China’s crypto mining crackdowns continue. Western Miners Rake In Big Profits During China’s Crackdown As per a report from Arcane Research, China’s crackdown on Bitcoin mining has resulted in more gains for Western miners. Despite the drop in the price of BTC, Western mining companies […]
The Bitcoin mining landscape has undergone shifts over the past year due to China’s crackdowns. Here’s some data that shows how decentralized the BTC network currently is. State Of Decentralization On The Current Bitcoin Mining Network One way to study about decentralization in the BTC mining network is to go through hashrate dominance data of […]
The opportunity in Bitcoin mining has never looked better, and the U.S. has the infrastructure to take the chance. In the last few weeks, the Bitcoin (BTC) mining market has experienced a black swan event, leading to a lot of uncertainty and confusion surrounding the future of the market. This is why I felt it was right to give the public a quick update and explain why it's a fantastic time for Bitcoin mining in the United States.Bitcoin miners are rewarded Bitcoin for securing the network and for each block they mine. As more miners participate, the difficulty rate increases and the....
China has issued a warning to its state-owned enterprises to stop cryptocurrency mining. It also warned that it would increase electricity rates for companies that continue to defy the ban. This latest warning comes amid the ongoing crypto ban in the East Asian country. Some months ago, the government of China declared all crypto trading activity illegal. Subsequently, crypto miners and exchanges like Huobi and Binance began to relocate to countries with crypto-friendly regulations. Related Reading | Is This The Reason China Banned Bitcoin Mining? Carvalho’s Mind Blowing Theory....