When it comes to crypto adoption, many countries and states across the globe have their own vision and feelings associated with the whole idea. Some say cryptocurrencies and decentralization are the future of finance, while for others, it is nothing but chaos and extreme volatility. While there are two different schools of thought on cryptocurrencies, there are also many different opinions of people when it comes to crypto mining.
Many believe that it is a lucrative opportunity, but it shouldn’t be stomped on one country because of the dreadful implications that it carries. There is a case study for Bitcoin mining regarding how it was majorly being carried out only in China and the implications that it carried for the country in terms of harming the environment and disrupting the economic balance. Therefore China took it upon itself to discard and disrupt the Bitcoin mining network completely from its region, and as a result, many Bitcoin miners were looking for other friendly territories to set up their operation from scratch.
Bitcoin Mining is a Necessary Evil
According to the CEO and founder of Compass Mining, the hash rate of Bitcoin is a very important factor when it comes to seeing that Bitcoin continues to succeed and remain a competent cryptocurrency. The hash rate of Bitcoin means the overall mining that is taking place for the flagship cryptocurrency; the higher the hash rate, the more intensive the mining is for Bitcoin. The hash rate for Bitcoin dropped significantly when China issued a crackdown against the flagship cryptocurrency; as a result, the hash rate dropped pretty significantly, leading to a market-wide crash, and the price of Bitcoin almost plummeted to $30K and even below.
But when Bitcoin miners settled themselves up in multiple countries such as across Europe and in the United States, the hash rate of Bitcoin continued to rebound, and it is at a stable place right now. This means and points towards the confirmation of the hypothesis that Bitcoin mining is important and significant, but it should not be stomped on one country and should be equally divided as a proper segment with its own utilities and technical approach so the hash rate continues to remain prevalent and Bitcoin continues to make important leaps within the crypto market.