- A report was recently published by TokenInsight which highlights the crypto mining industry over the course of the last year.
- The research cited many things including the positive attitude towards mining in developed countries.
A report was recently published by TokenInsight which highlights the crypto mining industry over the course of the last year. The research cited many things including the positive attitude towards mining in developed countries and the key factors that impact where mining farms are set up. The report highlights:
“Low electricity cost, well-structured legal framework, relatively matured financial markets are the main factors.”
The report goes onto talk about mining farms that make the most of public infrastructure in a better way by converting abandoned facilities into Bitcoin mining farms. This allegedly creates an ecosystem that is more eco-friendly for mining. This is processed by leveraging renewable sources of energy such as solar power.
On top of this, the report spoke China’s list of ‘industries to be eliminated’, which saw the removal of Bitcoin mining near the end of last year. China has been in the news a lot over the past 12 months in the crypto space due to worries of ‘cancelling’ the digital asset whilst its government looks into its own digital coin. But in terms of Bitcoin mining, the report goes onto say:
“The probability of future policy change on cryptocurrency in general is high with no clear direction on Bitcoin mining.”
Over the Christmas period just gone, we spoke about bitcoin mining and the concerns surrounding it when it comes to the environment and the king coins impact on it.
As previously reported by CryptoDaily:
“The concern for the environment comes from the fact that Bitcoin cannot exist without computers, which in turn cannot exist without an electricity source. The number of computers that are needed is rising significantly, thanks to the growing value of the flagship currency.”
It will be interesting to see how this situation plays out and what the future of mining holds for the industry. For more news on this and other crypto updates, keep it with CryptoDaily!