Today, China has announced that it would do Increased definitions on the goods they ship to the United States from 34 % to 84 % In response to President Trump that he would do Raising the customs tariffs on the goods that ship the United States to China to 104 %.
The growing Chinese definitions of the United States will make the US -based bitcoin mining companies to purchase ASIC (the leading machines used in bitcoin mining), the majority of which are produced in China.
This will be very useful for the health of the ecosystem for bitcoin extraction.
As it was explained by a rhetoric in the “Bitcoin Mining Future”, if there is one country that controls many of the Bitcoin, then the resistance of bitcoin censorship – one of the basic value proposals – endangered.
In the article, Cross highlighted that if the majority of the Bitcoin network is not produced in the United States, but it was produced by American public mining companies, the United States government has more financial leverage to assign these companies to note Compatible with OFAC Blocks.
For those who believe that these companies will decline or do not follow such requests, please note that Marathon Digital Holdings, the largest bitcoin mining company circulating in the United States, has already proven that they are ready to comply with OFAC systems.
Bitcoin has a higher possibility to maintain control resistance when retail is distributed worldwide.
As we mentioned in a recent interview (below), Bitcoin differs from other emerging technologies in that it does not benefit from one country that controls most of the industry around it.
He admits that this is not necessarily intuitive, and that the idea may be confusing the likes of those behind President Trump when he declares that he wants “all the bitcoin that was made in the United States of America”
With Bitcoin, it is better for countries to control a large part of the network but not more than 50 % of it.
As the cross mentioned in the above interview, it is believed that the United States may already control more than 50 % of the retail.
However, this trend may now begin to reflect in the wake of the increase in China’s tariff for the United States, because it will now be cheaper for the competitors of Bitcoin miners in the United States to get ASIC more than these companies.
Therefore, while an escalating tariff war may be incredibly worrying about a number of levels, consider taking some condolences in the fact that it may be useful for Bitcoin.
The post The U.S. Tariff War With China Is Good For Bitcoin Mining first appeared on Investorempires.com.
