The head of BTC.TOP Zhuyer spoke about the future of bitcoin hashrate allocation
BTC.TOP Head of Mining Pool, Jiang Zhuyer, commented on recent remarks made by a high-ranking Beijing official regarding bitcoin mining and cryptocurrency regulation in general. We have previously pointed out that so far there has been no fundamental change in Beijing’s position on the cryptosphere.
That said, Zhuyer has mixed feelings about what is happening in this regard:
“Individual mining [in China] is not banned to the extent that the individual entrepreneur fully assumes the risk of incurring losses. However, the financing of such activities by financial market institutions is not welcomed and may be prohibited altogether.”
Zhuer writes that this development “could be” as there really are no new written documents framed as law and regulating the cryptosphere in China yet.
On the other hand, the head of BTC.TOP concludes that if the rhetoric of the Chinese authorities regarding bitcoin mining tightens, the cryptocurrency’s hash rate will shift in favor of other countries, and Chinese miners, who currently control over 50% of all bitcoin hash rate in total, will no longer have such position in the global allocation of capacity aimed at mining the cryptocurrency #1.
It is noteworthy that miners’ competitors in China are promptly responding to the emerging situation. Clearly, bitcoin mining in North America is set to gain new weight in the global No. 1 cryptocurrency mining industry. Following the hundreds of millions of dollars of investment in mining equipment increasing the U.S. share in the global hashtray, North American companies have decided to create a common trend in the field.
Importantly, this aspiration of theirs is supported by opinion leaders both within the cryptosphere and in the global economy in general – this is how one can view the fact that Michael Saylor, head of MicroStrategy, held a meeting with miners in North America at the initiative of Tesla and SpaceX founder Ilon Musk, where it was decided to intensify the movement of this sphere towards “green energy”, that is, the consumption of energy from renewable sources (solar and water).
