The proposed crypto mining tax will increase the mining cost and put many miners out of operations. Currently, the crypto mining cost is already much higher than bitcoin price that is causing many miners to operate at losses.
What's the problems with a high mining cost?
Well, many miners will just shut down or lease out their mining rigs for other purposes which will reduce the computational power (hashrate) in the blockchain network. The reduction in the hashrate will increase security risks because it is easier for hackers to take over the blockchain network since less computational power is required for hacking.
We've stated previously that cryptos have 3 insurmountable problems. Please read below for more details.
Do you still think crypto has a future?
No comments:
Post a Comment