RE: PayPal Co-founder Fights For Bitcoin Hashrate
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Dear @tysler
China's domination in Bitcoin production is no secret
That came to me a bit as a surprise.
Is China still dominating? I thought that mining is very illegal and most miners moved out from China already ....
I've also never heard anyone calling bitcoin "a form of energy storage". Interesting point of view. Wouldn't you think that African countries would be simply amazing to mine Bitcoin (always sunny)?
Bitcoin could change this phenomenon by storing excess energy.
I've lost you here. How can bitcoin store energy? That is very confusing to me. Would you mind to elaborate on that?
cc: @solarwarrior - you may find this post interesting
Upvoted already, Yours
Piotr
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Hi @crypto.piotr,
China may not be mining Bitcoin, but Bitcoin hardware is manufactured in China. ASICs Antminer mining equipment are produced by Bitmain, which is headquartered in Beijing.
Energy such as oil, coal and nuclear power holds value. Hence Bitcoin, which is a final product of electricity, holds true power and value. Because it takes a lot of energy to mine Bitcoin, its true value may still be undervalued. However, this idea is still controversial.