China is Determined to Get Ahead in the Bitcoin Mining Ranks

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Bitcoin and many more cryptocurrencies are running under the supervision of the Chinese government. There have been raising concerns expressed by the business class and political leadership of the United States about the difference in Bitcoin mining capabilities. Many crypto cynics like Kevin O Leary have been found to state that the businessmen of the United States do not want to invest their money in the Bitcoin that has been imported from Chinese miners. 

The same issues have also started a cold war for the acquisition of semiconductors between China and the United States. At first glance, it seems like that there is a rivalry among the leading nations to excel in this industry. It could also point out to the world a possibility of a huge crypto transition on a global scale in the foreseeable future. It should be noted that the Chinese government is also getting ready to make publically introduce the digital Yuan.

How is Bitcoin Mining Shaping the Internal Political and Economic Environment of China?

The Chinese state-owned news outlet has published an article mapping out a realistic picture of the recent crypto conversion of the country. Reporter Pengpai has noted that the ultimate goals of the Chinese government regarding Bitcoin and cryptocurrencies are not clear. However, it is visible that the authorities are making an active effort to increase the crypto-based infrastructure under their jurisdiction. 

The report shows that there has been some unrest about the power shortage caused by the increasing number of cryptocurrency mining farms that have increased since last year. There was also a minor power disruption that made the mining farm freeze and halts operations temporarily. For the time being the power, the gap has been filled. Since the incident, the hashrate has been fallen to 154 TH/s from 172 TH/s.

The Carbon Emissions and Concerns of Environmentalists

Chinese Academy of Science, in cooperation with Tsinghua University, has published a study claiming that mining farms in China would be consuming as much as 296.59 Tetrawatt-hour power resources. This massive amount of energy consumption would leave behind a massive carbon footprint. While the US government has made similar remarks about cryptocurrencies as well, in China, the government seems to be supporting the formation of more crypto mines.

If there is a crypto ban in the United States, the crypto-centric organizations would be able to shift their operations to China due to a fertile environment. The same report also presented an external data source showing about three-quarters of the entire Bitcoin hashrate exists in China. 


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