Bitcoin Cash showing maturity after 4 years on the market

18 August 2021 | Updated: 18 August 2021

Bitcoin Cash recently managed to celebrate its 4th birthday after being created on August 1, 2017, and whilst it has had a number of problems that it has needed to face during its lifespan, the cryptocurrency has managed to mature to new levels.

How was Bitcoin Cash Created?
Bitcoin Cash was created following a huge debate that had sent shockwaves throughout the entire cryptocurrency community back in 2017 because of disagreements between the builders and the Bitcoin influencers who were arguing about the best and right way in which they would be able to obtain blockchain scaling in the simplest of ways. There had been some who supported the idea that scaling on chains by raising the block dimension would be the best way, which then saw that concept be remodelled into Bitcoin Money.
Issues have since been solved
As mentioned, there have been a number of difficulties to have arisen from the project however it would seem that four years has helped to iron out any of the kinks and help to make Bitcoin Cash as mature as it can be for the time being. Indeed, throughout the four years that it has existed and been a viable alternative for many, it has been able to achieve what the creators had initially set out to accomplish, with users being able to have extra economic freedom when using the coin. This is pretty convenient and a huge benefit for many, especially those that like to use cryptocurrency when they gamble. Over the last few years, there has become a new type of bitcoin live casino that has provided players with the option to pay with virtual currencies such as Bitcoin, Ethereum and Bitcoin Cash.
Countries have benefited from Bitcoin Cash
However, it should be noted that individuals are not the only ones to have been able to benefit from the extra economic freedoms that the coin was initially designed to provide, with countries having also been able to take advantage. Venezuela and South Sudan, that are both incredibly stricken with poverty issues, as well as Argentina have each been able to benefit from the support of the cryptocurrency system which has been implemented. This is because of the Schnorr Signatures, which is an implementation of a token standard called SLP that gives attention to social parts of the spectrum.

Indeed, special teams have been set up in places such as Venezuela’s capital, Caracas, and other places such as Colombia where they have been able to help onboard retailers and customers whilst highlighting all of the benefits that using the cryptocurrency can provide them with, especially when they live in countries that suffer from inflationary and de-valued economies. As the virtual currency is isolated from that, these problems could be of the past for residents that have to suffer from these issues regularly.
Accepted by many vendors and on the biggest crypto exchanges
If any further evidence was ever required to highlight just how mature Bitcoin Cash has managed to become following its fourth anniversary, it would be easy to find it when looking at the viable payment methods being offered all around the world. It is one of the most profitable Bitcoin forks currently available within the entire market of cryptocurrency, as it is currently in many of the main exchanges that can be found around the globe, with Binance, Hobi, Upbit, Coinbase, Okex and PayPal all providing it, whilst it is also accepted by many vendors all around the world, as well.

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Crypto Mining Crackdown: Abkhazia Shuts Down Eight Mining Farms

16 June 2021 | Updated: 16 June 2021

Authorities in the partially recognized South Caucasus republic, Abkhazia, have identified and shut down eight crypto mining farms over the past two weeks. This clampdown involved mining facilities that operated in breach of the country’s ban on cryptocurrency mining.

According to an official statement on the Ministry of Interior’s website, Abkhazian authorities have disconnected over 350 units of crypto mining hardware from the national grid.

The Ministry of Interior is responsible for the hunt for illegally-run mining farms in several regions across the South Caucasian republic. Authorities located three illegal mining farms in the capital city, Sukhumi, where 17 mining rigs got shut down and administrative penalties got imposed on the owners.

The authorities located three other mining facilities in Gudauta District, where 128 mining rigs got disconnected.

Meanwhile, the authorities found the largest illegal mining farm in Gali District, where 184 mining rigs operated. The local power distribution company noted that this mining farm consumed about 170 kilowatts of electricity. The authorities imposed a fine of 408,000 Russian rubles ($5,660) on the operators and promptly disconnected the firm from the grid.

During the inspection conducted in Gagra District, authorities unearthed another 17 crypto mining devices, estimated to have consumed about 28.5 kilowatts of power. As expected, these rigs got shut down and sealed.

Crypto Mining Defaulters Could Face Jail Time

The Ministry of Interior of Abkhazia conducts routine daily inspections to identify mining facilities going against the latest instated regulations in the country.

Some months back, the government in Sukhumi extended a temporary ban on cryptocurrency mining in the city to March 2022. Companies caught illegally using electrical power to mine crypto could get slammed with hefty fines or serve jail sentences.

The Russian-backed de facto state implemented these restrictions on crypto mining activities in 2018, following an energy crisis in the nation.

 

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Bitcoin Mining Clampdown in China Reaches Yunnan Province

14 June 2021 | Updated: 14 June 2021

Another province in China has taken a stand against Bitcoin mining operations in the region as the Chinese government intensifies efforts to wean the nation of cryptocurrency activities. Over the weekend, Yunnan provincial authorities disbursed a memo ordering an investigation into the illegal use of electricity by individuals and companies in Bitcoin mining.

The China Securities Journal, a local media house, reported that the provincial energy department has threatened to cut power transmission to those using electricity for crypto mining.

South China Morning Post (SCMP) reported that the provincial authorities could shut down any Bitcoin mining operations that may “pose a safety risk related to their electricity usage” by the end of June.

Yunnan, China’s fourth-largest province in terms of Bitcoin hashing power, has joined the growing list of Chinese regions clamping down on BTC mining activities. Some others that have clamped down on BTC mining include Mongolia, Xinjiang, and Qinghai.

Yunnan is also the second-largest producer of hydropower in China after Sichuan, and most of the mining in the region already uses renewable energy. Regardless, Beijing continues to wage war on cryptocurrency-related activities.

Bitcoin mining operations across China have slowly declined over the past few months. Inner Mongolia began evicting miners in February this year and had shut down 35 mining farms by the end of April.

Meanwhile, Qinghai authorities ordered BTC miners to close shop last week and have ordered businesses like data centers, industrial parks, and power stations to desist from providing crypto-related companies with resources.

China is Losing Bitcoin Mining Dominance

According to the Cambridge Bitcoin Electricity Consumption Index (CBECI), China is still responsible for about 65% of the global hash rate. Xinjiang is the largest single provider of Bitcoin mining power and accounts for about 36% of the total global hash rate, followed by Sichuan and Inner Mongolia, respectively. Yunnan comes in number four position and accounts for 5.4% of the global hash rate according to the SCMP.

Another report from Miner Daily suggested that China’s hashrate dominance has dropped to 55%, as more mining companies migrate to North America, where renewable energy is plentiful.

That said, some analysts have noted that the fall of hash power in China due to the government’s anti-Bitcoin stance is, in fact, a good thing for the Bitcoin network.

 

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Bitcoin Mining Ban in China: More Provinces Issue Halt Orders

10 June 2021 | Updated: 10 June 2021

The Chinese government’s efforts to crack down on Bitcoin and cryptocurrency mining across its provinces appear to be at full force. This crackdown began with Inner Mongolia, following the revelation of new rules against the operation of Bitcoin mining facilities in the region.

Reports on the government’s plans to shut down mining operations in Inner Mongolia surfaced in early March 2021.

By the end of May 2021, the Sichuan Energy Regulatory Office passed a memo to stakeholders calling for a meeting to discuss the effects of mining activities in the region. Currently, there has been no announcement of a ban on Bitcoin mining activities in the Sichuan Province.

Yesterday, June 9, 2021, new local reports revealed that specific Bitcoin Miners in Xinjiang received letters from above to suspend their operations with immediate effect.

Similar memos on mining suspension orders got passed to Bitcoin mining facilities in the Qinghai Province yesterday. Reports showed that the notice came from the Qinghai Industry and Information Technology Department. The memo noted that businesses in the region would get inspected while existing mining projects must halt operations.

Bitcoin Mining Ban Triggers Drop in BTC Hashrate

Commenting on the matter, regional reporter Colin ‘Wu’ Blockchain tweeted that most Bitcoin mining operations occur in the provinces. The Chinese journalist explained that:

“There are three major mining regions in China. Inner Mongolia has completely stopped, Sichuan may not stop, so the situation in Xinjiang is more complicated. The term used in the document is to suspend for rectification, which is not as strict as Inner Mongolia.”

Meanwhile, Bitcoin’s overall network hashrate took a massive hit due to the recent development in Xinjiang. Before the news, the BTC hashrate was at 180 exahash per second (EH/s). At press time, however, the BTC SHA256 hashrate has dropped to 120 EH/s.

 

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Iran Economy Booms as Blockchain Adoption Use Increases

7 June 2021 | Updated: 7 June 2021

According to the Minister of Economic Affairs and Finance of Iran, Farhad Dejpasand, the country is getting closer to fulfilling its income tax targets. The minister noted that the adoption of new technology, like blockchain, has helped Iran grow its revenue and currently accounts for a third of the budget revenue growth.

Dejpasand noted that:

“Blockchains will account for 10 percent of the world’s gross domestic product in the next four years. As electricity consumption has increased we [have] limited the mining of cryptocurrencies, while in the long run, we cannot stand in the way of technology development.”

The crypto mining industry has experienced a boom in Iran thanks to the nation’s cheap energy. That said, the government has blamed this sector’s significant power consumption, coupled with this year’s drought, for the unsteady power supply witnessed in many cities of late.

Authorities revealed that licensed and illegal mining rigs consume over 2,300 megawatts daily.

New Technology Helped Iran Stave Off US Sanctions

Speaking at a launch event of two e-commerce projects, Dejpasand talked about the importance of electronic trade in a nation’s economic growth. According to the Tehran Times, the minister revealed that the share of e-commerce in Iran’s gross domestic product (GDP) has grown by about 2.4 times.

According to the Iranian E-Commerce Development Center, online trade transactions grew by four folds between March 20 and September 21, 2020, over the same period the year before.

Meanwhile, reports show that the number of newly issued online business licenses has tripled as older businesses scramble to expand into web-based sales.

Dejpasand noted that by implementing these new technologies, Iran has managed to stave off most economic sanctions imposed by the United States. New technology has also helped the nation in effectively handling the coronavirus pandemic.

While Iran has benefited heavily from new technology (blockchain) use, the government seeks to restrict several kinds of crypto-related activities in Iran. That said, the fintech industry has warned that restrictions on the crypto and blockchain industry could limit the opportunity potential of the country.

 

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Sichuan Energy Authorities Convene to Discuss Cryptocurrency Mining

31 May 2021 | Updated: 31 May 2021

Recently, the Chinese government has gotten more conscious about the cryptocurrency economy, with a lot of attention focused on Bitcoin mining operations.

The Chinese government has stated its plans to get the country to carbon neutrality by 2060 and capture a good percentage of this neutrality by 2030.

That said, many crypto-based companies have begun halting services to mainland China, following a few meetings from the Chinese Financial Stability Board. Some crypto-based companies that have cut ties with China include Huobi, Btc.top, Hashcow, and OKEx.

A new report shows that the Sichuan Energy Regulatory Office has scheduled to meet next week to discuss the implications of Bitcoin mining operations. A columnist from the state-backed media house the Global Times stated that:

“The Sichuan Energy Regulatory Office announced on Thursday that the office [would] hold a meeting on June 2 to fully understand the situation of crypto-currency mining activities in the southwestern province, which is required by the National Energy Administration.”

A reporter in the region, Colin Wu, recently tweeted that there are “rumors that China will introduce a crackdown policy on Friday night.

However, these rumors got dissipated as the minutes from the Sichuan Energy Regulatory meeting got publicized. Projections show that the Sichuan province and Xinjiang region in China are the most concentrated Bitcoin miners areas.

Cryptocurrency Mining Pools in China Accounts for 66% of Global BTC Hashrate

As of yesterday, the Bitcoin network’s hashrate hovered above the 165 exahash per second (EH/s) mark. Statistics show that the top mining pools with the highest hashrate emanate from China.

Currently, the top mining pools dedicating the most hashrate to the Bitcoin network include F2pool, Antpool, Viabtc, Btc.com, and Poolin. The large mining pools situated in China account for about 66% of the global Bitcoin hashrate.

 

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Iran Temporarily Halts Cryptocurrency Mining Operations Following Blackout

27 May 2021 | Updated: 27 May 2021

The President of Iran, Hassan Rouhani, has announced a four-month ban on all cryptocurrency mining activities ahead of elections. The announcement came on Wednesday, a day after the Iranian Energy Minister, Reza Ardakanian, apologized for unexpected power cuts across large cities.

Iranian public officials have always blamed unlicensed cryptocurrency mining operations for consuming significant amounts of electricity. In September last year, Rouhani, in a televised remark, declared that:

“Cryptocurrency activities, and mining cryptocurrencies, must be stopped.”

Power cuts in peak summer months are a regular occurrence in Iran. However, this time around, Tehran and other large cities suffered unplanned blackouts, triggering an uproar of criticism from consumers and businesses. The country began rolling blackouts from Sunday to reduce the pressure on the national grid.

Rouhani revealed that illegal miners who have access to subsidized electricity consume 7x more than those with permits.

Minister Reza Ardakanian made a public apology to Iranians on Tuesday for the “shortcomings and pressures” over the unexpected power cut. Ardakanian noted that the national grid is overburdened because of a drought affecting hydropower generation and unexpectedly warm weathers, triggering a surge in air conditioning use.

Cryptocurrency Mining Farms Suspend Operations

Meanwhile, national electricity spokesman Mostafa Rajabi Mashhadi announced last Saturday that licensed crypto mining farms have voluntarily halted operations to reduce the burden on the grid.

Mining Bitcoin and other cryptocurrencies require immense electricity to power the masses of computers and mining rigs dedicated to solving algorithms. Some reports show that cryptocurrency mining consumes more electricity than entire nations.

Michel Rauchs, a cryptocurrency expert and consultant, noted that between 5 and 10 percent of all Bitcoin mining happens in Iran.

 

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Cryptocurrency Mining Pools Halt Operation in China Following Crackdown Announcement

24 May 2021 | Updated: 24 May 2021

Reports show that over $400 billion left the cryptocurrency space over the weekend, in what has been one of the worst sell-offs in the crypto industry history.

Total market capitalization trades around a multi-month low of $1.47 trillion in the early Asian session on Monday. The market correction sent the industry’s cap down by about 43% since its peak at $2.55 trillion two weeks ago.

The lingering bearish sentiment stems from China and its announcement of a crackdown on Bitcoin mining pools. Reuters reported earlier today that crypto mining pools HashCow and BTC.TOP has halted all its operations in China, as Beijing doubled down on its embargo.

The crackdown on mining pools was announced last Friday by a State Council committee chaired by Vice Premier Liu He. HashCow announced that it would stop purchasing more Bitcoin mining rigs, while BTC.TOP announced that it was suspending all mining activities in the country altogether.

The chief investment officer at Beijing-based Novem Arcade Technologies, Chen Jiahe, commented on the matter saying:

“Crypto mining consumes a lot of energy, which runs counter to China’s carbon neutrality goals.”

Huobi Mall also issued a statement earlier today, noting that it had, effective immediately, suspended its crypto mining services to mainland China clients.

China to Lose Cryptocurrency Mining Dominance

At press time, Chinese mining companies are responsible for about 60% of the total hash power. Analysts have asserted that a decline in reliance on China could be good for the long-term prospects of the crypto industry. Founder of BTC.TOP, Jiang Zhuoer, noted that eventually, China would lose crypto computing power to other countries.

Meanwhile, Alex Gladstein, the Chief Strategy Officer at the Human Rights Foundation, has asserted that North America could become the new mining hotspot. That said, most mining operations currently take place in Texas thanks to its pocket-friendly energy (renewable)
costs.

 

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