News

China may reconsider Bitcoin mining veto

About a month ago, China took radical measures against cryptocurrencies, and this included all those that currently exist, from the valuable Bitcoin to the more modest ones, such as Ripple. Since then, mining cryptocurrencies in that country is illegal, a reality that, however, it might not be finalAs according to new information, the National Development and Reform Commission of China is asking the public to “value” these measures.

The Commission made an official call to request public opinions from people and entities of all social levels, which means that they have not been limited to large companies, nor to the people with the most resources in the country, something curious since it is likely that these are the ones with the most resources.

With this measure, it is questioned that this veto of Bitcoin, and cryptocurrency mining in general, will be final in China. It’s funny, especially because, when the veto was established, led to a huge exodus of miners They decided to go to other countries with their equipment to continue mining. The United States was the favorite destination, according to the latest data that I have been able to consult.

This request for public comments and opinions will be active for one month, which means that It will close on November 21. Anyone who wants to participate will be able to express their opinions through four different channels, including email, traditional mail and direct comments on the website of the China National Development and Reform Commission.

I think this could be motivated by the recent reports that, after China’s veto of Bitcoin and cryptocurrencies, placed The United States as the country that leads the mining of Bitcoin. This country represents, at the time of this writing, more than a third of the total hash rate of Bitcoin mining, and they register huge orders from manufacturers of specific equipment for this task, such as Bitmain and MicroBT.

In the end, cryptocurrency mining represents a succulent source of income, not only for the inherent value of these, but also for the entire industry behind them, including both companies that manufacture specialized hardware and those that offer other specialized services that revolve around them. Cryptocurrency mining equals a lot of money, and it seems that China has realized this after making a mistake that, now, they could reverse by hiding in “public opinion.”

Related Articles

Leave a Reply

Your email address will not be published. Required fields are marked *