Bitcoin mining council may completely destroy the first cryptocurrency
26.05.2021 | auglovoi
After a meeting between Elon Musk and representatives of the United States cryptocurrency industry, an agreement was reached on the creation of the Bitcoin Mining Council. The new body is intended to put the mining industry in order with regard to the environmental component of digital gold. Although, at first glance, this initiative seems positive enough - in fact, according to some experts, it may, if not completely kill the first cryptocurrency, then introduce a regulatory component to it.
Currently, bitcoin attracts many people, particularly due to its freedom. With the current organization of the network, no one can affect the construction of the chain of blocks and transactions, thus giving complete freedom to its users. However, if U.S. mining companies or U.S.-controlled digital gold miners join forces under the umbrella of green energy, they will have leverage over the most popular blockchain.
For example, miners can begin to limit the inclusion of blocks in the chain, the calculation of which was based on fossil fuels, as well as the ability to regulate transactions within the network, sifting out “unnecessary”. The latter will be able to be influenced by the Federal Reserve and the United States authorities, which will make bitcoin a controlled asset. And, if now the influence on digital gold is talked about only from China, and that at the level of rumors, in the case of the beginning of the work of the Bitcoin Mining Council regulation will become real, moreover, from the United States, not distinguished by tolerance in international financial relations.