The Chinese prohibition on digital money mining was greeted adversely by many Bitcoin aficionados, which scarcely surprised anyone. Simultaneously, some experts feel that there are beneficial features even in such, at first look, impasse circumstances.
Former security engineer Brandon Arvanaghi is one such optimist. In an interview with Bloomberg, he claimed that any prohibition from China using Bitcoin could only be seen as “proof of the solvency” of the market’s major cryptocurrency.
Arvanaghi said today that the governments of the world’s main countries are establishing an active digital currency regulatory foundation, not as threatening their national currencies but seeing in the new asset class a promise of improving their business further. However, digital currencies do not evaporate by beginning to construct your own CBDCs is somewhat accepted by them. Moreover, following the tightening of controls by the Chinese authorities, miners will take refuge in one of the inexpensive power states in the United States, which would dramatically impact the industry’s development.
Arvanaghi contrasted the evolution of the market’s major cryptocurrency with video games and called “bosses” the reduction in hash rate and the geopolitical confrontation that would be conquered in one way or another. Bitcoin only has one job in the future – it will be the most reliable tool of capital conservation.
The expert suggested that the US would be able to take up China’s baton, where the cryptocurrency business is slowly rising. In his discussion, he emphasized Florida and Texas, which offer “migrant miners” the most exciting conditions for cost-effective digital currency mining.
The Facebook Financial Chair, David Marcus, agrees with Arvanaghi, who dubbed the Chinese anti-mining actions notable for Bitcoin’s future development.
To date, there has been no optimal manner of reflecting the situation with mining and a general restriction on cryptocurrencies in the Middle Kingdom. But as you know, even one day ends the longest “crypt winter.” Only “thaw” can the community expect?