Energy

China bitcoin mining hub to shut down cryptocurrency projects

0


A visual representation of the cryptocurrency bitcoin.

S3studio | Getty Images

GUANGZHOU, China — China’s Inner Mongolia region plans to ban new cryptocurrency mining projects and shut down existing activity in a bid to cut down on energy-consumption.

Bitcoin is based on a decentralized network, which means it’s not issued by a single entity like a central bank. Transactions, recorded on a public ledger called the blockchain, need to be “verified” by miners.

These miners run purpose-built computers to solve complex mathematical puzzles that effectively allow a bitcoin transaction to happen. The miners receive bitcoin as a reward and that is the incentive.

But because the computers are…



Source cnbc.com

Macy’s Operating Chief Harper to resign, post will remain vacant

Previous article

Asia playing ‘catch up’ to Europe in electric vehicle market: Fitch

Next article

You may also like

Leave a Reply

avatar
  Subscribe  
Notify of

More in Energy