China bans bitcoin mining

What Happens If China Bans Bitcoin Mining: 3 Scenarios

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Cryptocurrency mining is a bizarre, little-understood, but increasingly widespread and lucrative activity that, for the uninitiated, takes some explaining. It involves setting computers to search china bans bitcoin mining virtual realm for bitcoin blocks. China bans bitcoin mining that find a block are rewarded with new bitcoins — or whatever the cryptocurrency is they are china bans bitcoin mining. These machines devour huge amounts of energy and get extremely hot, meaning industrial china bans bitcoin mining miners prefer to set them up in countries where the climate is cool and energy is cheap.

A recent report found that bitcoin mining consumed almost as much energy as the whole of New Zealand. Mr Lee said dealing with this side of the industry was a positive. He acknowledged that he had an interest in taking this position, as his own firm has created a cryptocurrency — XEM — that does not require mining, and is therefore considerably more eco-friendly than bitcoin. Nevertheless, he said even if China did ban cryptocurrency mining, the industry would find a way to go on.

He added that China had already banned bitcoin exchanges, and banning mining was a logical next step. Subscribe Get The New Daily free every morning and evening.

A bitcoin mining farm in the mountains of Sichuan, China. Search real estate for sale or rent anywhere in Australia from licensed estate agents on simply type in any suburb in the search bar below.

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