His only regret is selling Bitcoin he now knows he should have held onto. Bitcoin is coded to create competition. Whichever miner does the quickest calculations for a particular set of transactions receives the reward. This has set off an arms race, with miners incentivized to use as much top-of-the-line equipment as possible, racking up enormous energy bills.
Luckily for them, the price of Bitcoin has risen, too. Bitcoin is essentially an energy currency. The immense power needs of Bitcoin mining determine where profits can be made. Chinese cryptocurrency miners alternate between areas rich in hydropower during the rainy summer, and return to northern areas like Xinjiang and Inner Mongolia that are rich in coal-fired electricity during the dry season.
Some go to even greater lengths to cut costs. Last year, authorities discovered a Bitcoin mine disguised as burial tombs stealing electricity from a nearby company. But its decentralized nature makes such fundamental changes difficult, says Xu.
Bitcoin miners are unlikely to agree to something that would render their expensive hardware useless. The policy, which attracted many Bitcoin mines, lowered the price of electricity the more a business consumed. But the winds have changed, and the Chinese government now wants to reduce energy use and related greenhouse gas emissions instead. With the central government looking to limit coal consumption, power-hungry Bitcoin mines are an obvious target, says Yang Zhou, China advisor at energy and climate policy think tank Agora Energiewende.
What are the benefits of digital assets to the real economy? It may not be worth the gain. In April, the municipal government of Beijing told data centers involved in Bitcoin mining to report their electricity consumption to inform future policy, and announced it would tighten supervision and approval of data centers out of energy saving concerns. Already in , the central bank banned financial institutions from using and trading in Bitcoin and similar currencies.
In , China shut down domestic cryptocurrency trading platforms and outlawed launches of new cryptocurrencies, called initial coin offerings. Chinese people can still trade via foreign exchanges, but at the risk of the policy climate becoming even stricter. He compared cryptocurrencies to shadow banking and the speculative trading of derivatives that caused the financial crisis. When it comes to cryptocurrency mining, the central government is more ambiguous, neither banning nor supporting such businesses.
This lack of clear guidance means local regulations can be unpredictable. Many miners, for example, sign contracts with small-scale hydropower dams and coal-powered plants, both of which have been the subject of mass closure campaigns. As a result, Li says, miners focus on short-term profits, aware it might not be possible to bring long-term plans to fruition.
Though he never expected Inner Mongolia to ban cryptocurrency mines outright, the move was preceded by an inspection round in targeting energy-intensive mines taking advantage of electricity discounts, and, in August, the suspension of 21 Bitcoin mines from taking part in electricity trading, meaning they could no longer enjoy preferential prices. Where to next? Bitcoin mine investors tell Sixth Tone they expect the policy changes in Inner Mongolia to sooner or later be copied by other regions rich in coal and cryptocurrency mines.
On Thursday, the central government gave Bitcoin miners a potential first sign of things to come. Advertisement Continue reading below In the case of Coinend, the company will be focusing on the lending aspect of DeFi so that platform users can lend themselves up to 1 BTC and earn a profit interest without even participating in a pool event. Worthy to note is that With this launch, Coinend is committed to creating a transparent community that shares rewards among members and drive cryptocurrency inclusion for many.
During the announcement, Coinend management board also announced a new website design that highlights how the gamified platform and its reward system is set to work and a new mobile application with a flawless user interface.
This will allow participants to easily place bets and see the prize pool on the platform for the currency for which the events are running. The team also announced a new whitepaper that is professionally rewritten to augment its marketing efforts. This is available for download on the website. The company understands that having a strong management and a proven technical strategy in place is fundamental to its success. In the coming days, Coinend will start rolling out more information about its activities and reward system to consolidate its position in the cryptocurrency gaming niche and strengthen its portfolio.
Singapore, Oct. This attack, however, ensured that network nodes — running either Parity or OpenEthereum — were incapable of processing the reorganization as a result, these nodes become desynchronized from the ETC network, forcing the developers to come up with a solution. That solution will be fully supported by MXC Exchange, as the team wants to help ensure no further attacks against Ethereum Classic can be organized. It would force large reorgs used to launch attacks to have significantly greater difficulty and common ancestor time.
The best way to secure the network is to ensure the cost of a blockchain reorganization makes it economically unfeasible to orchestrate. Once that incentive is no longer attainable, the network can continue in peace. All of these precautions are necessary to ensure the network remains safe from harm.
More details on the exact implementation of MESS can be found here. As a side effect of these changes, users running an Ethereum Classic node will need to switch their software to CoreGeth. This will be the only client to support MESS. Neither Parity nor OpenEthereum have indicated support for this new proposal, but that situation may come to change in the future. MXC Exchange has been at the forefront of the cryptocurrency industry and its reputable projects.
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Join Our Telegram channel to stay up to date on breaking news coverage Bixin stands as one of the earliest Bitcoin wallets startups and miner operators. On Friday, the company announced that it would dedicate BTC to a new fund of funds.
Particularly, those funds who based their strategies on BTC futures contracts, arbitrage, as well as trend analysis. Through the provision of more market-making activities and liquidity to these various trading desks, Bixin aims to increase its Bitcoin holdings.
The Mandatory Public Statement Liu Fei oversees the fund of funds and mining business of Bixin, having joined the company from the Huobi exchange back in Fei stated that Bixin is a firm believer in Bitcoin, aiming to see the BTC ecosystem in a silo both within China, and without. With this in mind, Fei stated that Bixin hopes that this new fund of funds is capable of contributing to improving the liquidity structure for Bitcoin on a global scale.
The founding members of Bixin Group are among the earliest adopters of Bitcoin and its ecosystem. On — chain Wallet Provider Founded in , we provide powerful, flexible, and easy-to-use tools for storing blockchain assets. Bixin is committed to enabling everyone to hold, use, and manage their cryptocurrencies with ease. Cold Wallet Provider OneKey is the 1 growing professional crypto asset storage and financial services provider in mainland china.
The best choice for any individual and business to keep crypto assets non - custodial. Ecosystem Builder Blockchain benefits are best realized with a network effect.
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