China to ban bitcoin mining?

Hi guys, today we bring you a post about the news that surfaced recently about China supposedly planning to ban cryptocurrency mining in a renewed clampdown.

China is currently home to some of the world’s biggest crypto miners, and this news is likely to have major implications to these companies.

Whilst China was once home to about 70% of Bitcoin mining and 90% of trades, authorities have waged nearly a 2 year campaign to shrink the crypto industry amid concerns over speculative bubbles, fraud and wasteful energy consumption. As China’s crackdown on cryptocurrency broadens to Bitcoin miners some of the industry’s biggest players are shifting operations overseas. This can already be seen with the news of Bitmain, who owns China’s two largest mining collectives, announcing plans to set up regional headquarters in Singapore.

Proof of work has done its job - it proved that blockchain and distributed ledger technology works. Now we know it works we need it to adapt and move forward. This is what consensus and everyone building around the interledger protocol are doing. In the words of Ryan Zagone, “proof of work does not work”.

This is not to say that proof of work doesn’t have a future, this might very well not be the case. We very well might have solar powered batteries in orbit one day that uses energy from the sun to mine Bitcoin – who knows?

What we do know is that XRP is the future, ILP is the future and interoperability of value is the future.

Written by Dominic Zohreh
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