Will the Hashwars of the Future be Waged by World Governments?
While Vladimir Putin and the Russian government didn’t come out directly and say that they are heavily investing in Bitcoin mining, moves being made by connected entities make it clear that the interest and intentions are there.
But not every leader is operating in such a coy fashion.
China’s leader, Xi Jinping, recently gave the go-ahead for the 1.4 billion Chinese citizens to fully embrace blockchain technology and the significant role it will play in the future. According to Xi, blockchain will serve “an important role in the next round of technological innovation and industrial transformation.”
Within a week of Xi making his pro-blockchain statements, the China National Development and Reform Commission scrapped plans that it had to categorize bitcoin mining as an industry to be phased out from the country.
In the new Catalog for Guiding Industry Restructuring, which will replace the current one published in 2011, the agency has removed bitcoin mining or other virtual currency mining activities from the initially proposed category of industries that should be eliminated from China.
While no current description for related to virtual currency or bitcoin mining can currently be found in the finalized catalog, it’s likely that this isn’t the last work the Chinese government will have to say on the matter.
If you jump across the pacific ocean to the U.S., despite less than positive words regarding Bitcoin and cryptocurrencies from president Donald Trump, the ground was recently broke on the planned site of “the world’s largest Bitcoin (BTC) mining facility,” in Rockdale, Texas.
And that is just one of the major mining projects in the area trying to get in on the game. The Chinese-based crypto mining giant Bitmain announced that it has launched work on its 50-megawatt data mining facility in Rockdale, which could be expanded to a capacity of more than 300-megawatts.
Published at Sun, 10 Nov 2019 23:59:13 +0000