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Golden Observation丨What impact will the transfer of computing power from China to North America have on Bitcoin?



Golden Finance Blockchain News, May 9th Although most Bitcoin (BTC) mining is still located in China, there are signs that the activity has now begun to move elsewhere.

According to previous related reports, Chun Wang, co-founder of F2Pool, one of the largest bitcoin mining pools, revealed that in April 2020, the bitcoin computing power represented by China was less than half of the total bitcoin computing power. Wang Chun pointed out that this is the first time since the F2Pool mining pool has been in operation for eight years that the computing power of representatives of Chinese miners has declined. He said frankly:

Golden Morning | List of important overnight news on July 8: 21:00-7:00 Keywords: Grayscale, Robinhood, CFTC, Ethereum mainnet

1. U.S. Senator Pat Toomey invested in Grayscale Bitcoin and Ethereum Trust;

2. Robinhood Crypto will pay NYDFS a fine of $15 million;

3. Former CFTC chairman: Bitcoin ETF is good for investors and regulators;

4. Argentine lawmakers propose to allow workers to receive wages in Bitcoin;

5. The Filecoin Foundation announced the launch of the Filecoin storage provider (miner) incubation center;

6. The London hard fork is scheduled to be activated on the Ethereum mainnet at block height 12965000;

7. New York senators submitted a bill that would require public officials in the state to disclose their cryptocurrency holdings annually;

8. Visa plans to build its cryptocurrency ecosystem to increase the usability of cryptocurrencies. [2021/7/8 0:35:24]

"Transformation is real."

Golden Relativity | Harry Zhou, co-founder of Binance Leading Investment: The new Hong Kong regulations have great guiding significance for Token Fund landing in Hong Kong: In this issue of Golden Relativity, Binance Leading Investment is the co-founder of Koi Trading, a US-compliant OTC trading desk Harry Zhou said that Hong Kong’s new framework is in the form of Circular, issued by Hong Kong’s SFC, which is in charge of securities and futures trading, and clearly targets all kinds of intermediaries (Intermediaries) operating encrypted assets, so it has important guidance for Token Fund that hopes to land in Hong Kong significance. There are three main meanings: (1) Even if the transaction is a non-securities asset, it is also supervised by the SFC under the framework. (2) Clarify which existing laws and regulations apply. (3) For the first time, major financial laws have determined the application path for exclusive licenses in the cryptocurrency industry. [2018/11/8]

According to data released by Digital Currency Group (Digital Currency Group) founder and CEO Barry Silbert (Barry Silbert) on April 22, the Bitcoin mining pool Foundry located in the United States has climbed to the global level in April. Among the top five mining pools, its computing power accounts for 7.6% of the computing power of the entire Bitcoin network.

Golden Relativity | Gao Jianwu: STO is a trillion-dollar market: In this issue of Golden Relativity, Gao Jianwu, the founder and CEO of GVC Gravity Capital, expressed his views on "how the STO attack will affect the market". Cryptocurrency such as Bitcoin is considered as "programming currency", then security token ST can be regarded as a version of "programmable ownership". This means that any asset with ownership can and will be tokenized public and private equity, debt, real estate, etc. Just as Bitcoin changed money, STOs will inevitably change equity, as they provide owners with immediate, liquid economic benefits and fast delivery of benefits. Every type of ownership can be tokenized, which is a huge multi-trillion dollar market.

Significant progress has been seen in the development of STOs, but much work remains to be done to expand the scope and capabilities of STOs. The first exchanges dedicated to STOs are just starting to go live. Companies like Polymath and Harbor are busy creating standards for tokenized assets and ST. [2018/10/12]

Barry Hilbert says:

"Bitcoin hashrate is rapidly shifting from China to North America."

However, the current leading mining pool in the Bitcoin mining market is still a "Chinese player", that is, the AntPool (AntPool) operated by the Chinese mining equipment hardware manufacturer Bitmain. 18.6% of the total computing power. The University of Cambridge calculated that in April 2020, the market dominance of Chinese miners in the Bitcoin mining industry was about 65%. According to January 2021 data released by the Bitcoin mining industry media "Miner Daily", China's share of computing power in the Bitcoin mining market has dropped to 55% since the beginning of this year. . The United States accounted for 11%.

On April 30, it was reported that the country may enact stricter regulations on cryptocurrency mining operations in the future, which may further exacerbate the outflow of computing power from the country. Recently, China has also begun to study the electricity consumption of Bitcoin miners in accordance with its own carbon emission commitments. It was also reported that in late February this year, authorities in the Inner Mongolia Autonomous Region proposed closing all local bitcoin mining facilities to reduce energy consumption in the region, which currently accounts for 8% of the global bitcoin hash rate. In late April, the Beijing Municipal Bureau of Economics and Information Technology also issued the "Urgent Notice on Investigating the Situation of the City's Data Centers Involving Bitcoin and Other Cryptocurrency Mining Businesses." The relevant situation of cryptocurrency mining shall be sorted out. All relevant units involved in related businesses must report relevant information such as the power consumption of mining business and the proportion of total energy consumption in the past year before 12:00 noon on April 28. In response, the Beijing Economic and Information Bureau replied that the notice was indeed issued by the bureau, mainly from the perspective of the type of business carried by the data center and energy consumption, and it was for the normal business work of the bureau.

Bitcoin podcast host Marty Bent (Marty Bent) said in an article published this week that F2Pool's findings confirm the trend of mining computing power production in the Bitcoin world is becoming more and more decentralized. . He added that this trend will help dispel some of the “China-controlled mining” market sentiment, with many concerned that centralized mining is bad for Bitcoin’s development.

“It would be nice to have some data from Chinese Bitcoin mining pools, which proves that the percentage of Bitcoin hashrate within China is decreasing.”

As more bitcoin mining operations switch to renewable energy, there may also be fewer concerns surrounding bitcoin's energy consumption and environmental impact, where regulations in the United States may be stricter. According to a Nasdaq report on Tuesday, Texas has become a mecca for bitcoin mining farms because local energy costs are cheap and most come from renewable sources such as wind and solar.

Part of this article is compiled from cointelegraph


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