Bitcoin reached the 400 million transaction mark recently and the Bitcoin network is now processing about 350,000 transactions per day. That means there are four transactions taking place per second with the average cost of each transaction being $1.70. Not only has the Bitcoin network hit a big number of overall transactions, there are now more blockchain wallets than ever before. There are now more than 35 million blockchain wallet users, up from 24 million in April of last year.
China Cryptocurrency Mining
China is looking at banning Bitcoin mining because of their air pollution problem. The NDRC is the country’s planning regulator and they said they have a plan to ban Bitcoin mining. It should be noted that about 75% of cryptocurrencies are mined in China. The country has been trying to convince miners to go elsewhere by raising power prices, but so far, many of the miners have stayed. The South China Morning Post said that many Chinese miners live close to coal mines with cheap power. Some Chinese miners have started to move to Quebec, Canada because hydro power is cheap and it is also non-polluting and other companies are looking at different locales around the world.
China is a real contradiction in terms of cryptocurrency because crytpocurrency trading is illegal in the country, but that doesn’t mean people can’t mine cryptocurrencies and it doesn’t mean that Chinese residents don’t want to find a way to buy cryptocurrencies. The proposed cryptocurrency mining ban could take some time to go into effect. Many cryptocurrency miners in China have said that they expect the ban to go into effect this year, but they believe it will take a lot of time, perhaps years, for the government to get everything in place to enforce the ban.
Some of the leading cryptocurrency mining operations in China have already started to make plans to move their operations. Bitmain is the leading Chinese manufacturer of specialized mining chips and they are expanding into the United States.
The question is what will a Chinese ban against cryptocurrency mining do to the Bitcoin market. One cryptocurrency expert actually believes that the ban could help the price of Bitcoin in the long run. Smaller operations could mean that Bitcoin mining expands with more people getting into the business. The goal for cryptocurrency miners is to find cheap electricity and that is why some companies have looked at places like Montana and Washington for their mining operations.
There will always be good news and bad news for cryptocurrencies, including Bitcoin. The past couple of weeks were very good for Bitcoin in terms of price, as Bitcoin rose about 30%. Many investors are now optimistic that Bitcoin can continue the surge upward, with many predicting $6,000 is in the near future for the cryptocurrency.
More and more companies are using Bitcoin everyday and some have been using the cryptocurrency for a while. Leading sportsbook, BookMaker.eu has been accepting Bitcoin deposits for some time now and other companies like Starbucks are looking at using Bitcoin to accept payments. Some people are still a little leery of investing in Bitcoin because of what happened to the crytpocurrency in 2018 when the price dropped from a high of about $20,000 to a low of just over $3,000, but it appears the worst is over for Bitcoin and a new surge could be in progress. It may not take long for people to get back on board the Bitcoin train and hope that the price continues to surge upward.
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