Bitcoin miners: Rumors of my death have been greatly exaggerated.
for 22% of the global hash rate — a figure that is not as dominant as before, but no small slice of the pie, either.“It is probable that a non-trivial share of Chinese miners quickly adapted to the new circumstances and continued operating covertly while hiding their tracks using foreign proxy services to deflect attention and scrutiny.”Try as they might, one of the most authoritarian regimes on the planet cannot prevent its citizens from mining Bitcoin.
And that logic works both ways — to the extent that Bitcoin miners are leaving China, then ancillary Bitcoin activities will travel along with them. As the United States forges ahead in studying the regulatory implications of the industry, traditional financial institutions are closely monitoring its movements. Retail and institutional investors are also paying close attention to the market swings as they battle inflation at home. At this point, trying to put the toothpaste back in the tube is nothing but a waste of energy.The United States and other world leaders must learn from the mistakes of others so that they don’t have to repeat them.