Biden Bans Chinese Bitcoin Mine Near U.S. Nuclear Missile Base
Biden Bans Chinese Bitcoin Mine Near U.S. Nuclear Missile Base
www.nytimes.com
Biden Bans Chinese Bitcoin Mine Near U.S. Nuclear Missile Base
16 comments
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Why are they mining out here in the US? Wouldn't it be much cheaper to mine in China?
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Probably has something to do with the trade restrictions on certain chips.
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I think I heard China is attempting to ban crypto mining farms from operating within mainland China, to try and conserve power there.
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Isn't Bitcoin illegal in China?
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Currently. It's gone back and forth a few times, with each 'ban" preceding large purchases by the Chinese government of cryptocurrencies.
But even if it is illegal in China, they can hold the money offshore and spend it as easily as anybody else.
Also, if you are politically connected or pay the government enough money and your behavior doesn't negatively affect the CCP, then things aren't actionably illegal in China.
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Alright, give us a map of all your nuclear bases so we know where not to buy property
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That is not a secret.
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16 comments
That's the big environmental issue with Bitcoin — other major cryptocurrencies have moved to proof-of-stake instead of proof-of-work, so they don't need vast quantities of energy, and when you stop using all that energy, the generators with the highest marginal cost shut down, which generally means coal or gas.
A few months ago I read up on how much energy is used in a bitcoin transaction compared to a VISA transaction, it was something like 10000 times more energy for a bitcoin transaction
Proof of stake is just the Fed all over again.
Proof of work isn't perfect, but there's a reason Bitcoin uses it.