Mining leaves China for the US. Will it become “Green?”
Chinese Bitcoin miners seem to be making a definitive decision to change the air in the wake of the government 's announcement of a progressive crackdown on this type of activity. In a joint statement released last week, the Chinese Premier and the State Council expressed their intention to crack down on Bitcoin mining in the country, driving the price of the asset down further.
While things don't look that bright for miners in China at the moment, a number of reputable names in the cryptocurrency community have indicated that they are actually looking forward to mining being completely banned in the Asian nation to go elsewhere.
According to Mustafa Yilham, who runs the overseas business for the Chinese Bitcoin mining company Bixin, Chinese miners have already started moving operations to other countries. Yilham also said that a large number of mining computers will be made available for sale in the coming days, with a view to creating new, more efficient plants elsewhere.
"In this current crisis, there will be a huge opportunity: the redistribution of the entire Bitcoin mining network around the world," he wrote as part of a Twitter thread. “We have to make sure that most of the mining machines will not come to a single country. This is the best time to work on further decentralization “.
Obviously, mining would also, if not above all, move to the USA, and could take the opportunity to overcome what is currently defined as its greatest stigma, namely that of being "Pollutant". While a plant is being built, why not do it with low-cost "Green" energy. A similar example occurred in the British Columbia region where hydroelectric plants for the aluminum industry were converted to power the mining of virtual currencies.
A redistribution of mining activities in general would also be very useful for stabilizing the prices of Bitcoin and the more energy-intensive cryptocurrencies. Problems in mining and transactions also correspond to flashcrash in the same.
Of course, after BTC goes green, what will be the opposition of many legislators?
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The article Mining leaves China for the US. Will it become "Green?" comes from ScenariEconomici.it .
This is a machine translation of a post published on Scenari Economici at the URL https://scenarieconomici.it/il-mining-lascia-la-cina-per-gli-usa-diventera-verde/ on Wed, 26 May 2021 06:00:00 +0000.