Topic: Mining & Hash - Easy to understand article (Read 121 times)

Another thing that is clear from the article and which many respected members on BCT have said,
Bitcoin and decentralised crypto offer freedom and independence. Look at Iran, Venesuela and
North Korea who are registering substantial amounts of mining which is creating a way to trade outside
imposed sanctions on their countries.

So from an individual level Bitcoin offers freedom from main stream banking or involving a 3rd party
and controling our funds to a national level with mining as above.

Bitcoin is a decentralized network and its protocol can not be changed by a single person (even satoshi), group, government, ie. It is decentralized.

It is traded globally by Chinese exchanges (based in China or based outside China but are own by Chinese operators) and non Chinese exchanges. With some policies in the past, many Chinese exchanges switch their locations, officies to other nations but at the ends, those strict policies from China were proven as FUDs by the Xi-President pump in 2019.

You used wrong word. China did not own bitcoin, did not mine bitcoin. It is Chinese companies that run or operate their mining pools mine bitcoin and it means mining rewards will be distributed to miners, investors that are globally.

All these are just predictions about what could happen in the future about bitcoin mining, it will be good if it gets to governments of individual countries to start engaging in bitcoin mining, but this may not happen, or possibly it may happen. But, it will be good if it happens which is an indication that the market price and marketcap of Bitcoin would have significantly increased while the world will support more of bitcoin.

Some people said bitcoin is controlled by China, but this is not the fact and not true, although, China mine 65% of bitcoin, while most of the Bitcoin are sold to outside of China, which means they are not controlling it. But the data which I saw on the link provided below truly suggest good information, that in 2017, China mine 75.62% of bitcoin, while this has drastically be decreasing and now it has decreased to China mining 65% which may likely decrease further as time goes as more countries are now supporting bitcoin mining.

https://medium.com/original-crypto-guy/the-coming-bitcoin-hash-wars-will-be-the-new-space-race-34a3330875c4
           
Public data from cbeci.org. Hash Rate % as at April 2020                  Public data from cbeci.org. Hash rate %as at September 2019

With the article, it is clear that some countries are now supporting bitcoin mining, these will be the country that will not take Bitcoin mining for a joke but as a business opportunity to their citizens which can increase their gross domestic product, this will help in shift China aways from mining the most new Bitcoin into total circulation.


Bitcoin is just at its early stage yet, if the world support it, it will be more than an asset because it will be the greatest of all which its value will continue to be increasing further. It is just a deflationary currency that is worth going mainstream and becoming the first world currency and the most recognised asset in the future.

I happened across this today and thought I would share it on this board.

For myself I found it very informative and easy to understand
the basics of mining and how the miners get rewarded and why.

The article is about the up coming Mining Wars but there is a breakdown
about mining itself.