Bitcoin: So Long Utopia, Hello China

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The Washington Post went to Tibet to spot out why bitcoin microprocessor “mines” thrive there, nearby tangible mines where a strange haven banking — bullion — still is prized.

The brief answer as to because a practical banking thrives? Cheap H2O for cooling, low-paid workers rewarded with bitcoins to solve mathematical problems, a informal value of bitcoin transaction anonymity and China’s eagerness given 2013 to let typical people — including try capitalists — buy and trade bitcoin, even yet Chinese banks can’t. According to a Post,

“mines run by Chinese companies comment for about 70 percent of a world’s bitcoin estimate power, a factories furnish a cheapest microprocessors to run these mines, and a exchanges comment for about 70 percent of a world’s bitcoin trade.”

A few conclusions from a supposed bitcoin “mining” industry, referring to a technology hubs that promote the bitcoin network, from The Post’s essay published this week:

“Bitcoin began as a Utopian, libertarian dream, a decentralized banking outward a control of governments, a complement that gives a users a anonymity of money and a instant, tellurian energy of email.  … For awhile, bitcoin was effectively kidnapped

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