Crypto daily news logo
  • Home
  • Cryptocurrency
    • Analytics
    • Bitcoin
    • Ethereum
    • Alt coins
  • Others
    • Regulation
    • Blockchain
    • Guide
    • Mining
  • Security
No Result
View All Result
  • Home
  • Cryptocurrency
    • Analytics
    • Bitcoin
    • Ethereum
    • Alt coins
  • Others
    • Regulation
    • Blockchain
    • Guide
    • Mining
  • Security
No Result
View All Result
Crypto News
No Result
View All Result
Home Mining

Bitcoin mining can be a force of good or evil, its prohibition will not solve anything – the president of the FTX. US

Admin by Admin
26.05.2022
in Mining
17 1
0

Bitcoin (BTC) mining can be both a good and bad force, depending on how it’s done and where it happens. But countries thinking about banning it should know that miners will not hesitate to simply move somewhere else, the president said. FTX. US Brett Harrison on World Economic Forum in Davos, Switzerland, on Tuesday.

Speaking during a panel discussion with crypto investors, researchers, and other stakeholders at Davos, Harrison made it clear that banning crypto mining is not a viable solution and should not be applied by those concerned about the carbon footprint of crypto mining.

According to Harrison, in some cases, mining bitcoins is the force of good, helping to stabilize the renewable grid, and in some cases it is the power of evil when it leads to higher energy prices in the local city.

He added that if the country completely bans it, then this country will not have the opportunity to regulate the extraction of minerals for the better, and it will simply move to another place.

That’s what we saw in China when they banned mining, it happened immediately, Harrison said. He added that some of the production moved to America, where a mixture of renewables and natural gas was used, and most of it moved to Kazakhstan, where it ran on coal, which is much worse than china’s hydropower.

Asked how people can come to a common understanding of which consensus mechanisms are good and which are bad, and why different tribes of the crypto community are pitted against each other, Harrison said it has a lot to do with politics.

I think what you see on the internet and in Twitter about these different consensus mechanisms, not too different from what you see in any political debate. You can see that a very eloquent minority seems to overshadow the silent minority on these issues, he said, adding:

Most of us in the crypto community want this technology to evolve responsibly. We don’t want to necessarily pick winners or losers right away, we want it to evolve, see where it will go, let the market choose what will be better.

Harrison added that the FTX and other companies in the crypto space have tried to work together to develop what he called a single message to regulators, rather than sowing the seeds of controversy in online forums where there is a religious debate about whether proof-of-work is PoW) or proof-of-stake (PoS) is the best consensus mechanism in cryptocurrency.

According to Harrison, the most important thing we need to do as blockchain specialists is to tell real stories about how blockchains are used.

#Bitcoin #mining #force #good #evil #prohibition #solve #president #FTX

Related articles

Miners are experiencing credit difficulties in the volatile bitcoin market

Miners are experiencing credit difficulties in the volatile bitcoin market

26.06.2022
Loans to miners for $ 4 billion are under threat

Loans to miners for $ 4 billion are under threat

26.06.2022
MINING on the GPU is losing popularity due to the fall in token prices

MINING on the GPU is losing popularity due to the fall in token prices

25.06.2022
Top 5 Bitcoin mining pools by hashrate in June 2022

Top 5 Bitcoin mining pools by hashrate in June 2022

25.06.2022
Tags: BitcoinevilforceFTXgoodMiningPresidentprohibitionsolve
Share24Tweet15
  • Trending
  • Comments
  • Latest
Grayscale purchased ADA ahead of the Vasil hard fork

Grayscale purchased ADA ahead of the Vasil hard fork

09.06.2022
Decentralized Pictures announced the launch of a blockchain app for film financing

Decentralized Pictures announced the launch of a blockchain app for film financing

17.05.2022
First court ruling in the U.S. on the use of cryptocurrencies to circumvent sanctions

First court ruling in the U.S. on the use of cryptocurrencies to circumvent sanctions

17.05.2022
Mining firm Greenidge Generation increased quarterly revenue by 240%

Mining firm Greenidge Generation increased quarterly revenue by 240%

17.05.2022
The DeFi market suffered because of the collapse of Terra

The DeFi market suffered because of the collapse of Terra

Fed meeting is a negative factor for Bitcoin growth

Fed meeting is a negative factor for Bitcoin growth

Bitcoin strengthens as global stock market improves

Bitcoin strengthens as global stock market improves

Game company Square Enix will make blockchain and Play-to-Earn its business model

Game company Square Enix will make blockchain and Play-to-Earn its business model

51% of Latin Americans have made transactions with cryptocurrency

51% of Latin Americans have made transactions with cryptocurrency

26.06.2022
SkyBridge Director’s Predictions

SkyBridge Director’s Predictions

26.06.2022
Yuga Labs filed a lawsuit against the creator of “fake” BAYC tokens

Yuga Labs filed a lawsuit against the creator of “fake” BAYC tokens

26.06.2022
Short positions at record levels

Short positions at record levels

26.06.2022

Метки

altcoins Analyst assets Bank billion Binance Bitcoin bitcoins blockchain BTC called collapse crypto cryptocurrencies Cryptocurrency DeFi Digital ETH Ethereum fall fell growth increased investors June launch Luna market million miners Mining network NFT platform price rate regulation support Terra token tokens Top UST week XRP

Newsletter

No Result
View All Result
  • Home
  • Cryptocurrency
    • Analytics
    • Bitcoin
    • Ethereum
    • Alt coins
  • Others
    • Regulation
    • Blockchain
    • Guide
    • Mining
  • Security

© 2022 Crypto News Daily

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In

We are using cookies to give you the best experience on our website.

You can find out more about which cookies we are using or switch them off in settings.

Privacy Overview
Crypto News

This website uses cookies so that we can provide you with the best user experience possible. Cookie information is stored in your browser and performs functions such as recognising you when you return to our website and helping our team to understand which sections of the website you find most interesting and useful.

Strictly Necessary Cookies

Strictly Necessary Cookie should be enabled at all times so that we can save your preferences for cookie settings.

If you disable this cookie, we will not be able to save your preferences. This means that every time you visit this website you will need to enable or disable cookies again.

3rd Party Cookies

This website uses Google Analytics to collect anonymous information such as the number of visitors to the site, and the most popular pages.

Keeping this cookie enabled helps us to improve our website.

Please enable Strictly Necessary Cookies first so that we can save your preferences!

Cookie Policy

More information about our Cookie Policy

Powered by crypto-daily.news  GDPR Cookie Compliance