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Bitcoin - The Silence is Deafening

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Bitcoin silence

Postby Terisar В» 26.10.2018

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If you visit just about any crypto news publication today , you will see at least one story detailing the recent news that the Chinese government is considering a blanket ban on Bitcoin mining.

Two of the most commonly repeated critiques of Bitcoin is that mining is too centralised in China and that it relies far too heavily on dirty energy from fossil fuels — a Chinese ban could very well change this. As you probably know by now, the nation of China is considering a ban on crypto mining. The activity has been added to a list of industries, originally compiled in , that the National Development and Reform Commission seeks to restrict or phase out.

The reasoning for the elimination of such industries, according to a report in Reuters , is based on public safety, the volume of resources consumed by the specific activity, and how much it polluted the environment. Although no word has been given about how the government intends to enact such a ban or even when it would begin, the public has been given until May 7 to make comments about the proposed changes. Of course, this is not the first time the government of China has flexed its muscles in the direction of crypto.

In fact, the world superpower has had such an on-again, off-again policy towards the space that much of the cryptocurrency community has reacted with indifference to the news — as evidenced by the Tweet below:. In previous examples, when China has created seemingly harsh regulations regarding the industry, the Bitcoin price and that of other digital assets have seen dramatic moves downwards. For example, when the nation banned its citizens from investing in ICOs during September , the price was hit hard temporarily.

This was not the case this time and Bitcoin is currently close to the most valuable its been all year, thanks to the recent surge in price. What should prove interesting going forward, if China is indeed able to enforce should a ban with efficacy, is how it will alter both the environmental impact of Bitcoin mining and how decentralised mining efforts are.

Typically, Bitcoin has been attacked on the grounds that vast numbers of mining operations are based in China. The rationale is that these miners would be much easier to coerce into acting in tandem in ways detrimental to network than if they were spread more thinly across the globe. The latest news out of China could well serve to further distribute hash rate and thus strengthen the network.

Bitcoin critics today pic. That is not all though. The China ban could end up addressing a second of the concerns many have with Bitcoin — its reliance on non-renewable energy to power mining operations.

Already, miners have sought out locations such as Canada and Iceland to make use of the abundant, cheap, clean electricity provided by geothermal and hydroelectric plants. However, many operations continue to be based in China where they commonly rely on fossil fuels. Being forced out of the nation, where such power is relatively cheap, by a ban will likely drive more miners to explore locations where renewable power is cheap and abundant.

Based in Europe, Rick has written about the cryptocurrency industry since He was first drawn to Bitcoin as a means of payment but quickly became fascinated by its wider potential implications. His interests lie in the Bitcoin BTC and the aggregated cryptocurrency markets have been trading sideways over the The third Bitcoin halving cycle is rapidly coming to a close. The multi-billion-dollar Ethereum has seen a slight rebound today alongside Bitcoin and most other major altcoins, with All Rights Reserved.

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Rick Delafont 11 months ago. In fact, the world superpower has had such an on-again, off-again policy towards the space that much of the cryptocurrency community has reacted with indifference to the news — as evidenced by the Tweet below: "China says it wants to eliminate bitcoin mining" Bitcoin Fud pic. Rick Delafont Based in Europe, Rick has written about the cryptocurrency industry since Read More.

Cole Petersen 2 hours ago. Rick Delafont 4 hours ago. Cole Petersen 5 hours ago. How to start accepting Bitcoin payments for your online Business? I accept I decline. Privacy Center Cookie Policy.

Coolest Bitcoin Mining Miner - Liquid Cooled Experiment, time: 6:51
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Re: bitcoin silence

Postby Guk В» 26.10.2018

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Re: bitcoin silence

Postby Gazilkree В» 26.10.2018

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Re: bitcoin silence

Postby Aragrel В» 26.10.2018

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Re: bitcoin silence

Postby Gar В» 26.10.2018

Bitcoin to start accepting Bitcoin payments for your online Business? If I was in Vegas and at the sportsbook, which coin simplified I bet on? Already, miners have sought out locations such as Canada and Iceland to make use cryptocurrency the abundant, cheap, clean electricity silence by geothermal and hydroelectric plants.

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Re: bitcoin silence

Postby Dakasa В» 26.10.2018

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Re: bitcoin silence

Postby Bragor В» 26.10.2018

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Re: bitcoin silence

Postby Kigarisar В» 26.10.2018

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Re: bitcoin silence

Postby Zulkinos В» 26.10.2018

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Re: bitcoin silence

Postby Bazilkree В» 26.10.2018

However, says Armstrong, although there are similarities between the history of the internet and cryptocurrencies. Post Comment. Show comments.

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Re: bitcoin silence

Postby Dousho В» 26.10.2018

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Postby Vudokazahn В» 26.10.2018

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Postby Tur В» 26.10.2018

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Postby Faurn В» 26.10.2018

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Postby Tataur В» 26.10.2018

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Postby Daizahn В» 26.10.2018

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Postby Tojagar В» 26.10.2018

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Postby Tojale В» 26.10.2018

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Re: bitcoin silence

Postby Yorisar В» 26.10.2018

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Postby Shakanos В» 26.10.2018

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Postby Telkis В» 26.10.2018

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Postby Tarisar В» 26.10.2018

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Postby Arashitaur В» 26.10.2018

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Postby Mikora В» 26.10.2018

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Postby Goltisho В» 26.10.2018

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Postby Tujin В» 26.10.2018

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Postby Shakus В» 26.10.2018

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Postby Tekora В» 26.10.2018

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Postby Dor В» 26.10.2018

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