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In this episode, Corey, cryptocurrency Dee and Jessie talk to Assistant Professor of electrical and computer engineering at Carnegie Mellon University, Giulia Fanti & member of the Vac research development group at Status, Hanno Cornelius. Hashing It Out is continuing its series on the infrastructure of blockchain with the Network Layer. Stay tuned for part 2, […]
According to Robert Van Kirk, managing director of US-based mining equipment marketplace Kaboomracks, Chinese miners are frantically "fire-selling" their equipment. Some miners reacted by scrambling to get rid of their rigs. "They may be leaving, regardless of whatever determination is made." As a consequence, Van Kirk says, used mining rigs are now being sold at a steep discount, in some cases as much as 40 per cent lower than the usual price. Even if the crackdown announcement was not immediately translated into regulation, Van Kirk says, it appears that some miners have been put off by the hostility. This is higher than figures from a Reuters report this week, featuring an interview with Chinese mining machine manufacturer Canaan, which says that prices have fallen by 20 to 30 per cent from early May. "People mining there have realised that it may now be a riskier proposition to operate in China than they had anticipated," he says.
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On June 16 a group of United States Congress members sent a letter to the country’s Environmental Protection Agency (EPA), explaining the practice actually has certain benefits. While the debate among lawmakers in different countries, states and cities rages on about the environmental effects of Bitcoin Proof-of-Work (PoW) mining.
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As a result of the dispute, authorities in certain areas have even recommended outright prohibiting the use of the PoW method. Recent events saw a prohibition of a similar kind being approved by the Senate of the State of New York, but the Parliament of the European Union voted against it.
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