What is Domestic Mining Machine (Is Domestic Mining Machine Mining Legal?)

08/15/2023 20:41 • Tech Ticker • 111 views

What is a domestic mining machine? In foreign countries, the difficulty of mining coins is fixed and dynamically fluctuates. But as the halving of Bitcoin approaches, more and more coins are being mined, making domestic mining machines particularly important. Because China and overseas have a large amount of computing power that can mine higher-value digital currencies (such as Bitmain), and the larger the mined coins, the higher the profits. In addition, there are also many types of mining machines in other countries, such as the ASIC chips developed by American miners and the research and development processes of German mining machines. These are among the advantages of domestic mining machines. However, pricing in domestic market is also a major problem. currently, many mining pools have started banning mining, causing prices to skyrocket, and some users have even been forced to shut down. For most users, this is not a good thing. (Note: it is estimated that the growth rate of domestic Bitcoin computing power far exceeds that of Western countries), so domestic ordinary investors should be more willing to choose formal mining farms for mining.

Is Domestic Mining Machine Mining Legal?

In China, mining has always been one of the hottest issues in the industry. Recently, the National Internet Information Office issued a “Risk Warning on Guarding against Illegal Fundraising in the Name of “Virtual Currency” and “Blockchain”,” which mentioned the “punitive measures against illegal and irregular activities such as virtual currency trading speculation.” Since then, Chinese regulatory agencies have repeatedly emphasized that they will crack down on Bitcoin mining activities. “For enterprises and individuals engaged in mining, “mining” is illegal and criminal behavior. However, if investors involved in digital asset investment or mining business want to legally participate in this industry, they need to consider relevant legal issues.”

So, in China, will it be allowed to mine cryptocurrency through computing power? In fact, our country has already made it clear that it does not prohibit any kind of Bitcoin-based digital currency as a means of payment or the use of other electronic payment methods to purchase goods and services; besides, some exchanges have also issued announcements requiring them to stop providing Bitcoin trading services or exchanging Bitcoin-related services to overseas customers. (Mars Financial)

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What is Domestic Mining Machine (Is Domestic Mining Machine Mining Legal?)

Is Domestic Mining Machine Mining Legal?

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