China Takes Aim at 'Extremely Harmful' Crypto Mining Once Again (cnn.com) 147
Chinese authorities are ramping up a crackdown on crypto mining, calling it an "extremely harmful" practice that threatens to jeopardize the country's efforts to reduce carbon emissions. From a report: The National Development and Reform Commission spokesperson Meng Wei blasted bitcoin mining during a press conference Tuesday in Beijing. She said that activity "consumes lots of energy" and "produces lots of carbon emissions." Meng said that the NDRC -- the country's top economic planner -- will launch a "full-scale" clampdown on cryptocurrency mining by focusing on commercial mining and the role of state-owned businesses in the industry. She also said that crypto production and trade produces "prominent risks," and blasted the industry as "blind and disorderly."
As part of its new push, the NDRC said it would raise electricity prices for any institution found to be abusing its access to subsidized power to participate in crypto mining. Authorities have traditionally offered schools, community centers, or other public welfare institutions lower prices for electricity. The price of bitcoin fell after the remarks, diving more than 7% to $60,889, its lowest value in more than a week. While the reason for the plunge was not immediately clear, it coincided with the NDRC press conference. Ether, the second largest digital token after bitcoin, slid more than 8% on Tuesday to $4,297, the worst level in two weeks.
As part of its new push, the NDRC said it would raise electricity prices for any institution found to be abusing its access to subsidized power to participate in crypto mining. Authorities have traditionally offered schools, community centers, or other public welfare institutions lower prices for electricity. The price of bitcoin fell after the remarks, diving more than 7% to $60,889, its lowest value in more than a week. While the reason for the plunge was not immediately clear, it coincided with the NDRC press conference. Ether, the second largest digital token after bitcoin, slid more than 8% on Tuesday to $4,297, the worst level in two weeks.
This is rare... (Score:5, Interesting)
... but in this case I applaud the effort. Crypto mining is a menace because they miners are looking for the cheapest and most dirty energy possible to run their rigs.
Any stop on this is change I welcome. Other than that I think China has a very long way to go in all other areas.
Re: (Score:3)
Doesn't China announce this every few months? It causes a dip in the price of BTC every time.
Re:This is rare... (Score:4, Informative)
They banned it, that was people's opportunity to stop mining it. Now comes the crackdown on people who are not obeying the law.
That's how every country does it.
Re: (Score:2)
Indeed. Quite obvious to anybody with a clue how reality works.
Re: (Score:2)
Indeed. Quite obvious to anybody with a clue how reality works.
It is also obvious to anyone with a clue how to fix the problem.
Instead of tracking down and punishing people who waste subsidized power, the solution is to stop subsidizing power.
Re: (Score:3)
Goes back to at least 2013... but I guess in your mind its just two events, a ban and a crackdown. Reality is a little different and is made of of many announcements over a long period, each having a similar effect.
https://www.coindesk.com/learn... [coindesk.com]
Re: (Score:3)
This time I noticed the summary mentioning the use of subsidized power and that prices may be raised if these users of subsidized power were using it for mining. Using subsidized resources for alternative purposes is essentially stealing, either with communism or capitalism, whether or not it is commonly done by some.
Re: (Score:2)
Generally yes. Countries that need money badly announce laws the same moment they start sending out the squads.
Re: (Score:2)
This may also have to do with the electricity supply problem they've been having over the past few months. The price of coal has tripled in China but electricity rates are capped; it's effectively a subsidy for China's export manufacturing in the hopes of repairing some pandemic damage to the economy, but there just isn't enough electricity available to go around.
Agreed. (Score:5, Insightful)
It feels like our culture still has a lot of maturing to do. Cryptocurrencies are intrinsically valueless and calling them a "currency" is just a way of attempting to inject legitimacy into something for which scarcity is purely artificial and for which the primary use cases are criminal. The primary appeal is the volatility, making it an enormous global casino in which the wealthy have all the advantages (as usual).
Everyone wants to be an overnight millionaire by doing something cheap and easy. Well, not everyone can be, and in fact most of the people who try are the ones left holding the bag. Don't let your optimism run away with all your money.
Re: (Score:2)
Re: (Score:3)
It is true that we use fiat money which is intrinsically valueless. But it also has a much stronger regulatory system behind it, making it more trackable and more stable, hence more reliable. It is efficient as a means of exchange so long as the governments that control it keep their heads and maintain fiscal responsibility.
Cryptocurrency is the wild west. That makes it much more dangerous.
Re: (Score:2)
Any flaws in such an algorithmically mediated system should be findable and correctable, due to the open and transparent nature of the code, the architectural specifications, the data record, etc.
Re: (Score:2)
This presumes the only purpose of regulation is to be sure no one cheats on the math, and so long as the math is correct, things are cool.
However, the non-mathematical, non-algorithmic side of things is what drives most of the regulatory need. For fraudulent transactions that numerically are fine but the real-world activity is inconsistent with our laws.
Re: (Score:2)
That is not enough. There is no enforcement. If you cannot enforce rules, there will always be some that make off with your valuables.
For example: If a Bank starts printing money (electronically or real) without authorization from the regulatory authority, 1) the regulator will notice 2) people with guns will come and put a stop to it.
Re: (Score:2)
Well, what about bitcoin then? Full of flaws, very disorganized, highly unstable, etc. Who out there is doing this auditing? All the hucksters are saying "buy buy buy!" along with "pay no attention to the man behind the curtain!"
Re: (Score:2)
Re: Agreed. (Score:2)
Ok, so go to the bus stop kiosk and buy a lollypop and a pack a cigarettes using BTC. I'll wait here, for 2 minutes. After which I'll hop on the bus, leave you standing there, and I'll wave.
Re: (Score:2)
Re: (Score:2)
What can you buy at the corner store with bitcoin then? I'm not talking about some debit card tied to a crypto exchange, but with real bitcoin.
Re: (Score:2)
Nope. Sorry. You have no clue what you are talking about.
Re: (Score:2)
Re: (Score:2)
Money has value based upon the fact that you can use it to buy actual goods today, with the faith and backing of governments. Ie, if you own the government money in the form of taxes, they will accept their own currency as legitimate payment (and usually only their own currency is accpeted). Calling it "fiat" does't change this, and neither do the common accusations of "printing money". You can take you $1 and it has value in just about every country on the planet, in legal markets and black markets.
The
Re: (Score:2)
In fact, the fact that it s valueless has significant advantages and no actual disadvantages.
Re: (Score:2)
Money is intrinsically valueless. Money only has value because society gives it value. Also, new things can be volatile. It's likely to settle down after a while.
Money is valuable because you need it too pay your taxes with.
What do you need cryptocurrency for?
Re: (Score:2)
Avoid paying taxes?
Re: (Score:2)
Indeed. Well, that cultural immaturity can also be seen nicely in all those other reality-deniers.
As to "get rich quick" schemes: BC is one, no question. Never gamble with money you cannot afford to lose.
Problem solved (Re:This is rare...) (Score:2)
miners are looking for the cheapest and most dirty energy possible to run their rigs.
No, miners are looking for the cheapest energy with no concern for how dirty it is.
Every time issues of energy comes up someone will "remind" me that solar + batteries are cheaper than coal. Okay then, problem solved. But then solar power produces what amounts to a rounding error in all energy produced annually in the world. How is China dealing with their energy and pollution problems? They are building many nuclear power plants. This is where someone will "remind" me that nuclear power sucks at follo
Re: (Score:2)
Facts don't care about your feelings. (Score:2)
Ben Shapiro has a great line too, "Facts don't care about your feelings."
The fact is that we can't walk away from nuclear fission power and maintain our standard of living. This was quite apparent many years ago when nations started to put money into studying this issue. This is becoming even more apparent as people see their energy costs rise. People will choose nuclear power because it is safe, abundant, reliable, and therefore lower cost than other options.
People can believe otherwise but their belief
Re: (Score:2)
miners are looking for the cheapest and most dirty energy possible to run their rigs.
No, miners are looking for the cheapest energy with no concern for how dirty it is.
A nice lie by omission. Miners are looking for the cheapest energy they can _get_. And that makes all the difference. In most cases that will be the most dirty energy available, because the people producing it do not care who their customers are.
Re: (Score:2)
A nice lie by omission.
There's no lie. The implication was that crypto miners were looking for the dirtiest energy possible, which is far from true. If given the choice, all else equal, I expect the miners to choose the lower pollution option. Why? Because pollution gets the attention of government regulators and the public, and they don't want any attention. They will only look at the cost of the electricity and because pollution gets them unwanted attention they will choose the lower pollution option if it costs them nothi
Re: (Score:2)
Crypto doesn't put in power (Score:3, Insightful)
Re:Crypto doesn't put in power (Score:5, Insightful)
The old-and-wise on both sides of the political spectrum agree that Crypto is an enormous farce. It's the young-and-naive that think this is some sort of technological revolution that is going to usher us into a new age of economic prosperity.
If you see those old timers start to throw in (Score:2)
Re: (Score:2)
There are also the old-but-idealistic-and-naive that help fuel this too. Ie, ultra-libertarian arm-chair economists who think that crypto can save us from the evils(!) of fiat currency.
Re: (Score:2)
Excuse me, but what is crypto other than the very epitome of fiat currency?
Re: (Score:2)
Crypto is backed by the faith of the people using it into it still having value tomorrow because ... reasons.
Re: (Score:2)
Re: (Score:2)
It's not a farce, it's a threat. Crypto is very likely by now considered a neat way to circumvent any of the checks that were built up after the 2008 fallout (which are more a fig leaf than anything resembling sensible checks and bounds anyway) to reenable unchecked speculation. And in the end, we'll get to foot the bill again.
Re: (Score:3)
Indeed. That nicely sums it up.
Of course, the pump&dump scammers need to entice more victims in, so they keep pushing that "freedom" lie and that "power to the people" lie. And there are always a few useful idiots that understand absolutely nothing but are willing to cheer and claim they finally have found truth.
Re: (Score:2)
I am always wary when I see advocates of something acting more like hyperventilating fans at a Beatles concert, or proselytizing preachers. The first group is being irrational, and the second group is trying to sell stuff you don't need. If the list of pros and cons don't include any cons, then beware that you're being conned.
Re: (Score:2)
Indeed. A good rule for a first assessment.
Re: Crypto doesn't put in power (Score:2)
That's an interesting narrative but most money laundering happens directly through banks right out in the open.
For some reason the mob just has accounts right at JPMorgan and just directly walk in the front door.
But yeah that Crypto....
Re: (Score:2)
In a washing transaction between two parties, call them Art Buyer and Art Seller, the buyer is beginning a wash of his own money, while the seller is finishing a wash of his own money.
This is how its done when you arent trying to be too elaborate about it. Personal money laundering, as opposed to business-scale money laundering, where instead you just happen to own some increadibly (thats a legal term) profitable arcade games, vending machines, and other assorted "easy t
Re: (Score:2)
Re: (Score:2)
The big boys are already in control - not governments but those who hold significant amounts of bitcoin and can affect the price are most definitely not average citizens. Bitcoin cannot be used as a "currency" as it is because the price isn't stable enough compared to alternatives. Sure, Zimbabwe dollar was bad, but it was onlly used because there was no legal alternative for many. If the price continues to rise and it's being used as a common currency for buyiing bread, then the price of bread will als
Re: (Score:3)
You must be very naive if you think crypto will put power in the hands of regular citizens. Corporations and syndicates maybe, not citizens, and that's only as long as the government **allows** it to be used as a currency.
Re: (Score:2)
Really? I have a computer that I use to mine. Not a lot of money, but some. Citizens can hold crypto in wallets, which...I guess it's possible that the government could seize those wallets, but that would be a massive undertaking. Mining and wallets seem to be in the ownership of the individual.
Re: (Score:2)
I have a computer that I use to mine.
The fact that you're mollified by the insignificant amount of cryptocurrency you can mine doesn't do anything to prove it puts power in the hands of the people. While trading (rather than mining) *can* enable you to hide some transactions from the government, that protection is far from perfect and comes with some pretty significant drawbacks.
It's hard to see the average person gaining much practical autonomy by dabbling in crypto, although it may well have symbolic value to them.
Re: (Score:2)
I also have 20 bucks in my wallet, does that make me control the Dollar? Or Euro for that matter?
It's not the government that is the big player here. Think corporations. Because that's where the control over the crypto currencies will eventually end up if there's actually something to control with them. Even if none of the "traditional" corporations will end up gobbling up the crypto pool, a new one will emerge, one born out of a huge miner who already can (and does) pump millions into the whole spiel, amou
Re: (Score:2)
Frankly, if my only choice is between a government and a corporation being my treasurer, I go with the government. Governments may or may not have my best interests in mind, but with corporations, they don't even pretend they might. Because they sure as all hell don't.
As far as legal power goes, I don't have to kill you to ruin your life. Far, far less than that is necessary. If I control your money, I control you in this world. Why would I kill you? Dead slaves don't do my work. And locking you up would in
Re: This is rare... (Score:5, Insightful)
Not sure what your motivation is for hating crypto, but it's not the environment.
How about "it's a useless waste of resources, fixing none of the problems it was designed to fix, introduces a myriad problems of its own, and on the few occadions where it solves any problems at all, it's problems that have already been solved with traditional financial systems several order of magnitude mre efficiently already"?
Re: (Score:3)
it's a useless waste of resources
All kinds of things could be described as "useless". What makes cryptocurrency unique that you go after it?
fixing none of the problems it was designed to fix
I mean...it's a way to decentralize currency, or at least some currency. Has something changed around that? First I've heard.
introduces a myriad problems of its own
Such as...?
and on the few occadions where it solves any problems at all, it's problems that have already been solved with traditional financial systems several order of magnitude mre efficiently already"?
Again, such as...?
I see people being able to buy things with cryptocurrency, and one more asset that exists out there. Volatile? Sure, lots of new things can be. But it seems to be working.
Re: This is rare... (Score:2)
I sent the reply apparently to the wrong post. It's here, that one was meant for you.
Re: This is rare... (Score:5, Insightful)
it's a useless waste of resources
All kinds of things could be described as "useless". What makes cryptocurrency unique that you go after it?
So, in other words, we should all be OK with cryptocurrency wasting monumental amounts energy to produce something of no useful benefit to society because there are all kinds of other things that are also useless? That's the justification you're going to go with?
You know what else is useless for global society as a whole? Climate change. There's a huge pile of useless crap that negatively affects the climate and it's all man-made. Adding another massive pile of crap known as cryptocurrency onto the existing pile of crap under the pretense that because the pile exists it's OK to add more to it makes for a pretty shitty argument in favor of cryptocurrency.
If you're aboard a sinking ship, the solution to the problem isn't to add more water because there's already people pumping water into the ship. The solution is to stop filling the ship with water and start pumping it out. Cryptocurrency is just another pump that pushes more water into the ship than it will ever pull out of it. In terms of benefit to a society, it's a net negative, it provides zero benefits in relation to the huge costs associated with it, and like all of the other useless things contributing to the ship sinking at an ever increasing rate, it needs to die in a fire.
Re: (Score:2)
First, lots of things use energy, and not all cryptocurrency or NFT technology is the same. No useful benefit for you, perhaps. A lot of other people have seen a lot of benefits, including making money or being able to show ownership of a digital asset.
Depends on what kind of energy is being used. So you'd have no issue if all crypto is powered by renewable/green energy?
Not at all. Your last paragraph is nothing but fear mongering. I'd recommend putting that energy to something that will make a difference
Re: "DeFi" = "Deregulated Finance" (Score:3)
You cannot possibly hear this for the first time, or be this dense as to not remember having heard it. So you're most likely trolling.
But I'll byte.
All kinds of things could be described as "useless". What makes cryptocurrency unique that you go after it?
Name one "useless" thing and I'll also argue for getting rid of it.
But as cryptocoins go, the sheer wastefulness to uselessness ratio is mind boggling. Besides it does this for lower motives: to scam people.
I mean...it's a way to decentralize currency, or at least some currency. Has something changed around that? First I've heard.
Like, really? Honestly?
You should start reading here. [medium.com] And then you should read this [mybroadband.co.za].
See, the theory begind cryptocurrency is "decentralization", but the real
Re: "DeFi" = "Deregulated Finance" (Score:2)
Ahm. Sorry. I completely agree with you.
It seems like I hit reply before I had my morning coffee, and so you're receiving the answer instead of Stolovaya.
Re: (Score:2)
Are you stupid or a liar? Because there is not much else left with the crap you are saying.
Re: (Score:3)
Re: (Score:2)
Wait a bit for real global warming to really kick in, then you'll see power/money taken out of the hands of citizens to such an extent even you will be surprised.
Re: (Score:2)
Do you seriously believe that cryptocurrency is in any considerable quantity mined or possessed by "citizens"? Just like with any other commodity, this is held, traded and price fixed by the same entities that do the same for soy beans and future options.
That romantic wild west mentality of nobody controlling the virtual currency and having independence from "da man" might have been a thing a decade ago when that commodity didn't matter. It does now, so it's been taken out of the hands of the plebs. The who
Re: (Score:2)
Some of it. It's not accessible to every single person, but moreso than a lot of other things.
You seem to be under the impression that cryptocurrency is there to replace fiat currency. It's just an extra or alternative.
Maybe, or maybe not. I guess we'll see.
Re: (Score:2)
Crypto mining is just burning coal for speculation.
Get rid of this shit, it kills us.
Re: (Score:2)
Re: (Score:2)
Re: (Score:2)
Obviously you do not understand the problem. Please lookup proof of work vs proof of work.
I'm guessing you mean "proof of work vs proof of stake".
But good news! BTC is one cryptocurrency. For example, Ethereum is moving to proof of stake next year.
Also, we use energy for all kinds of "useless" things. Why is cryptocurrency unique?
Unethical...how exactly?
Re: (Score:2)
The wasted energy of cryptocurrency is not necessarily unique, but it's proven popular to steal and very tempting to scale indefinitely.
Re: (Score:3)
For example, Ethereum is moving to proof of stake next year.
Ethereum has been moving to proof-of-stake "next year" for a long time. The original announced date for the move was January 1st, 2020. It always gets postponed.
Re: (Score:2)
They know that Zimbabwe style hyperinflation is around the corner...
No its not. That is completely stupid.
Re: This is rare... (Score:2)
If anything crypto currencies are a form of currency that is very subject to hyper inflation. Just looking at the large changing value of Bitcoin would show this.
Re: (Score:3)
No, you've got your terms mixed up. "Hyperinflaction" is a rise in the price of goods and services across the board, not a jump in the value of currency. A primary cause of hyperinflation is excessive printing of new money, and a consequent drop in its value (due to oversupply).
There will never be more than 21 million bitcoins in existence. It's all in the math. We are over 18 million bitcoins already. Once the rest are mined, that's it, there can not be any more bitcoins. This means that bitcoin is i
Re: (Score:3)
I just realized I need to clarify my point about bitcoin being immune to inflation. What I meant by that was....
IF bitcoin were an actual currency, THEN bitcoin could not possibly cause a general rise in prices across the board due to oversupply (which is the most common meaning of inflation). So in that sense, it is immune: the supply of bitcoin is finite and cannot be increased beyond 21 million, hence runaway oversupply is impossible.
But, when seen as a commodity unto itself, bitcoin is no hedge agains
Re: This is rare... (Score:2)
Re: (Score:2)
Complete nonsense. BC is infinitely divisible in practice, Gold is not. Also, Gold has an industrial base-value that is very high (about 50% of its current price at the least). Even at its current price, Gold is being used in industrial processes, because it has actual real value. BC is just hot air. Well, less than hot air actually.
Re: This is rare... (Score:2)
Re: (Score:2)
Backed isn't the problem or the goal, backed by burning CPU cycles is the problem. Fix that and you can play all the crypto games you want. Having lots of currencies creates lots of problems, but using lots of energy creates a much bigger problem.
Re: This is rare... (Score:2)
Stanley Hudson : The same as the ratio of unicorns to leprechauns.
There are other things besides money supply (Score:2)
Pollution (Score:5, Insightful)
We should focus on the most energy-efficient and less polluting systems to avoid climate change issues. If one design is twice as energy-efficient as other design, with all other characteristics similar, we as a society should impose efficiency limits that effectively back the least efficient mechanism.
Besides being a mix between a Ponzi scheme and an illegal casino, cryptocurrency mining is not twice but many orders of magnitude (5 to 6, or even more depending on the estimation) more polluting than traditional banking transactions. It should be forbidden, as China is doing. In fact, an agreement on cryptocurrency banning would have been one of the wisest outcomes of the Glasgow meeting.
Power play and a literal smokescreen (Score:2)
I for one welcome the Chinese non-web3-overlords. The decentralised systems use blockchain or other distributed ledger, which includes tokens, coins and such. In essence by generally banning crypto they are banning the future for themselves, and they are willingly giving the leading role in the new internet to someone else. Well, what do they actually even care, they are not on the same internet even... They want a net they can control - decentralisation, honest ledgers and open systems are not really fitti
Re:Power play and a literal smokescreen (Score:5, Insightful)
Crypto is not the future, unless you envision a future ruled by crime syndicates.
Re: Power play and a literal smokescreen (Score:2)
Crazy how people with mod points and Slashdot followers in general seem to parrot Chinese state propaganda, and are not into innovation and new technologies.
Enterprises are already using decentralised services and products, smart contracts etc. Tokenisation of everything is a big trend and will continue. Decentralised identifiers are being set as a web standard. Plus lot more.
Keep up with the times lol.
Crypto Authorities.... (Score:2)
Crypto authorities are ramping up a crackdown on Chinese National Currency Money Laundering, calling it an "extremely harmful" practice that threatens to jeopardize the groups efforts to free people from government monetary systems. From a report:
Wait ⦠(Score:2)
Shouldnâ(TM)t fewer miners INCREASE the value of Bitcoin?
Re: (Score:2)
When mining power drops, it takes time for the difficulty to get adjusted.
During that time, the network processes fewer transactions, so transaction tend to take longer and require higher fees.
Chinese super computer? (Score:2)
Say Japan's Fugaku or the Chinese compeditor, or something faster in someone's basement, at what point does it become feasable to mine bitcoin this way, by building massive supercomputers?
Re: (Score:2)
They would pay much more for energy than they'd get in bitcoin: those supercomputers are general-purpose machines.
Mining is only profitable with purpose-build hardware.
Big mining operations use more energy than supercomputers, and their mining power is far beyond what current supercomputers can achieve.
Yeah right (Score:2)
It wouldn't have anything to do with authoritarian government wanting to control currency? If carbon is the problem, just impose a tax on carbon emissions and let market decide on most urgent uses of energy and best carbon free sources.
Why not just take over? (Score:2)
China isn't exactly a free country. Why not just take over mining operations by force? With most mining power concentrated in China, that would let China easily disrupt pretty much any coin it wants. It will be effective proof of how problematic mining is, and might help negate all this stupidity.
Re: (Score:2)
If you were China, would you announce that? Or would you announce cracking down on bitcoin mining while quietly taking over the shop?
A rare chance to learn something playing MMORPGs (Score:3)
Crypto mining is a lot like playing MMORPGs. The economy there works a bit in the same way. You do something in the game and money gets generated. You kill a mob and money gets made. The money a monster has isn't something the monster "earned" first, issued by the MMORPG bank, it is generated then and there when you kill that monster. You don't go and kill that monster, the money doesn't exist.
You can now go and hack down monster after monster, generating your money that way. Of course, that costs you time, time you pay for with your monthly subscription. This can in general be seen as the transformation of electrical energy, and the price you pay for that, to mine cryptocurrency.
On the other side of the table you have chinafarmers. They do essentially the same thing you do, just more efficient. They also don't have one character, hacking down one monster. They have dozens, scores of farmers, hacking dozens, scores of monsters, and of course that way they generate a magnitude more in-game currency than you do.
Now, the main difference between MMORPGs and cryptocurrency in this regard is the company running the MMORPG and not wanting this chinafarming business to happen. Because what happens here? Since the chinafarmers can generate magnitudes more money than any normal player, they control a sizable portion of the money market. That in turn means that they dictate the price of goods that cannot be bought from vendors. Prices will go up. And I mean considerably up. Until you, too, will be forced to pay the chinafarmer for their money, because you can't afford jack shit anymore. Yes, of course you can "mine" money by hacking mobs, but you will never keep up with the price inflation. For every gold coin you generate, they create thousands.
The net effect is that the chinafarmer controls the money market and can do what he wants with it. The money you generate doesn't matter. It's not even a drop compared to the flood that's pouring down from the farmer. Yes, you can generate your own money, But the amount you can make simply doesn't matter in the grand scheme. You control jack shit. The one that controls everything is the chinafarmer.
Re: (Score:2)
And many more will follow. It's gonna be a wild ride.
Re: (Score:2)
Why bitcoin is different from just about everything:
A bitcoin can disappear, for all practical purposes, forever.
Now I'm not talking about the deflation that this means, although that is surely true, I am talking about government reactions to these disappearing events. Your government isnt going to care when its just the keys to your wallet that are gone forever, but its going to care when its the primary wallet of some big retirement fund, or some big exchange.
I do not believe go
They need to keep people happy (Re:Tulips) (Score:3, Interesting)
This isn't China protecting their citizens, this is the government leadership protecting themselves from a revolution.
No government can rule without the permission of the ruled. If they can't keep the lights on, keep people fed, and keep the air clean, then the government runs the risk of enough people deciding the government no longer serves them and the government no longer exists. Chinese leadership controls the people by fear, ignorance, and by being less troublesome than finding torches and pitchfork
Re: (Score:2)
Bullshit. There is really not anything to add. Well, maybe that you should seek professional help for your disconnect from reality.
Re:Or, China could just get rid of (Score:5, Insightful)
This is incredibly stupid, and whoever upvoted is a moron.
No matter how much they change over their electricity generation to cleaner alternatives, wasting electricity is SIMPLY not going to help and will never be part of the solution. Wasteful use of electricity will only prolong the need to use polluting types of electricity generation as demands from cryptocurrency will always out strip new supply.
Re: (Score:2)
Guess even the Chinese government has trouble gettng their hands on GPUs and needs to steal... I mean, confiscate them.