Thread by @iAvimanyu

The fact that one is able to buy/sell #cryptocurrency is because someone mined it in the first place. This is what proof-of-work(#PoW) basically is. There would not be any proof-of-stake or proof-of-authority cryptocurrency models, had PoW not conceptualized in the first place.👇

#Bitcoin #Crypto
medium.datadriveninvestor.com/where-did-the-…

Banning #mining means banning proof-of-work, which is the fundamental pillar behind generating all #cryptocurrencies. Many gamers in India use their computers to earn some pocket money through mining as well as #NFTgaming. For many, it is how they feed themselves.

Even if a mining ban is announced, how would this humongous step be executed? Is it really a feasible decision to trace each one of these computers in India? Every processor that computes can earn #crypto in some way or the other, not just through #mining online.

A #miningban is like saying you want to legalize the branches of a tree, but its roots are going to be banned. It is also like saying that, hey we have enough crops now, let's now ban all the seeds.

Instead of relying only on #cryptocurrency exchange owners for consultation, the government should also extend the discussion towards professors and computer scientists from academic institutions and research organizations.

It is the scientists who best understand how #financial #computing #algorithms really work, and the broad spectrum they span around. Otherwise, instead of having a #regulation, we are only going to have even more chaos and confusion.

Enforcing hard bound rules on everyone is never going to solve real #problems. It will only make people find other means of overcoming them.

https://twitter.com/SinoCrypto/status/1466804790533529602

Officially recognizing #cryptocurrency as a legal asset and mandating #KYC for every exchange in India can be some of the most effective measures towards regulating it, and these need to be done selectively and carefully.

#CryptoBill #Crypto #cryptotrading #CryptocurrencyNews #Cryptos

@threadreaderapp unroll

Bitcoin mining powers the system that oversees transactions and creates new bitcoins

#renewableenergy #Renewables

businessinsider.in/investment/new…