Why Doesn’t the Country Use Supercomputers to Mine Bitcoin? (Why Doesn’t the Country Ban Bitcoin Mining?)
Why doesn\’t the country use supercomputers to mine bitcoin? According to btcman
Why doesn’t the country use supercomputers to mine bitcoin? According to btcmanager, Michael Terpin, a US congressman and cryptocurrency analyst, said: on the 10th anniversary of Bitcoin’s birth, we see mining farms all over the world in operation. Why doesn’t the country need supercomputers for mining? The reasons are as follows: 1
China prohibits informal companies and individuals from mining bitcoin using supercomputers;
2. Government departments are adopting a “cashless society” model for bitcoin investments; 3) Blockchain technology has become an indispensable technology in the global financial industry (Cointelegraph)
Why Doesn’t the Country Ban Bitcoin Mining?
Editor’s Note: This article is from Blockchain in Plain Language (ID: hellobtc), author: Yangshu, reposted with permission from Odaily Star Daily.
The country has a positive and open attitude towards mining. Bitcoin has been in existence for ten years, but its development process and application scope have always been of concern to governments around the world. Since September 1st last year, our country has officially banned all “mining” activities of virtual currencies, and now less than a month remains.
Why ban mining? First of all, it is because the domestic policy is relatively loose. Currently, China has identified digital assets as the main reserve means, but whether this ban is effective still needs observation. If we do not change our stance, it will not affect the development of bitcoin and will not cause a price drop or even a bubble.
Secondly, due to the high liquidity of Bitcoin, it is easy to cause investor risk concerns. Coupled with the impact of the price collapse since March this year and a series of factors such as the recent global pandemic, people are worried that more funds will flow into this field in the future. Therefore, there is support at the national level and relevant policies have been introduced to regulate the bitcoin market order.
Finally, why does the country allow the development of the bitcoin industry without regulation?
1. Many people think that bitcoin mining is a speculative hot spot concept rather than an actual use case, but this term is not accurate. In fact, the price of Bitcoin fluctuates greatly, and with the continuous improvement of technology and innovation, various speculative properties are gradually emerging. The same is true for cryptocurrencies like Litecoin. They do not have intrinsic value themselves but are based on network effects, and this consensus is very strong.
2. For bitcoin transactions, in addition to investment, the most important issues are its liquidity and stability. Generally speaking, exchanges have compliance requirements and can use legal currency or other tokens for cross-border transfers, which can avoid large amounts of funds entering bitcoin platforms for money laundering or illegal profits. Another situation is trading through futures. That is, when you want to buy a bitcoin, there is a certain proportion of people in the market who are willing to purchase the currency at a fixed interest rate, and then these people will start selling bitcoins, thereby increasing the market volume of bitcoins and causing losses.
3. For ordinary users, there are certain barriers and fees in bitcoin transactions, which makes it difficult for some newcomers to operate. However, some ordinary users may consider it as a small investment project. (I am the author Huang Xuejiao, a blockchain industry analyst)
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