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What Coins Can Be Mined with Computing Power (Is Cryptocurrency Mining Legal?)

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What coins can be mined with computing power? According to Alcula data, as of 15

What Coins Can Be Mined with Computing Power (Is Cryptocurrency Mining Legal?)

What coins can be mined with computing power? According to Alcula data, as of 15:00 on July 6th, the global Bitcoin network has a total computing power of 18.5EH/s. With the continuous increase in mining profits and the continuous rise in prices of various mainstream coins, Bitcoin has also experienced varying degrees of correction recently. Currently, Ethereum is the hottest in the market.

According to official sources, the current total locked value (TVL) of the Ethereum network is about $3.28 billion, and the market value denominated in ETH has exceeded 200 million yuan, accounting for 10% of the total circulating ETH.

Is cryptocurrency mining legal?

Editor’s note: This article is from Daily, authorized for reprint.

In the world of blockchain, mining is a very valuable investment activity. However, mining of computing power cryptocurrency (also known as “digital assets”) is not illegal as an investment form. If virtual currencies such as Bitcoin and Ethereum are considered financial products, then the trading, circulation, and purchase of computing power are illegal, and computing power cryptocurrency is considered illegal property.

According to Article 19 of the Criminal Law of the People’s Republic of China, “individuals engaged in online gambling activities must submit written reports to the people’s court or accept legal proceedings,” otherwise they will face criminal penalties or constitute the crime of organizing or leading pyramid schemes.

Although at present, some countries in China have started to ban Bitcoin mining, from the perspective of regulatory authorities, this business will obviously continue.

In addition to China, there are many other places in our country that are relatively tolerant of Bitcoin mining, including Sichuan and even Yunnan, which are actively studying methods to utilize these resources for legalized mining.

First of all, some power systems in Sichuan do not allow electricity to be used by local residents, which leads to many hydropower companies directly shutting down power to avoid policy restrictions. For example, in the Akra area of Xinjiang, 5 transformers need to be shut down to protect customers from malicious attacks, and this also affects the normal operation of mining machines. Therefore, for those who choose to operate in North America, they can consider moving the computing power abroad for a period of time before buying electricity. In addition, Sichuan has also strongly supported Bitcoin mining companies. The recent documents issued by the People’s Government of Guiyang City, Guizhou Province mentioned that they hope to strengthen support for Bitcoin mining companies and use their own power to promote the development of Bitcoin.

Secondly, the relevant departments of Inner Mongolia Autonomous Region put forward measures to rectify the behavior of telecommunications fraud and speculation of virtual currencies. The main target is to crack down on Bitcoin as an emerging thing. On August 6th this year, the Politburo of the Communist Party of China collectively studied and stated, “provide online services to individuals through the Internet” and “establish an open point-to-point information delivery platform.” This work requires local industrial and commercial administrative departments to strictly implement the notification responsibility system in accordance with relevant regulations and must not hinder its innovative development. “I believe we will see more of these things happening in the future.”

Lastly, what Vitalik Buterin, the founder of Ethereum, said is that he mentioned in his article “How to Operate Bitcoinland’s S17Pro Miner in 2016.” He mentioned, “During the bull and bear transition in 2019, more and more people are paying attention to Ethereum mining-why are so many people mining Ethereum now?” Because many people feel that this is not the problem at all. Therefore, in fact, Ethereum is a relatively new industry. With the official launch of Ethereum 2.0, people may pay more attention to whether tokens represented by Bitcoin should be favored by investors and whether it can really take off.

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