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Can Governments “Turn Off” Bitcoin?

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Can Governments “Turn Off” Bitcoin?

Curtis Spencer, co-founder, and CEO of blockchain company Electric Capital spoke about how the bitcoin network can be shut down “pretty quickly” and why this is not happening.

“Turn Off” Bitcoin

During a speech at the Collision Web Summit, Spencer outlined a way in which governments can “turn off” bitcoin. In his opinion, it is enough to stop the mining farms.

As an example, Spencer recalled the situation in the Chinese province of Xinjiang, where most of the mining farms were shut down due to power outages. This led to the hashrate of the main cryptocurrency network dropping to its lowest value since October last year – 98.53 EH/s, according to the analytical service Bitinfocharts. As of April 21, the bitcoin network hashrate is 118.4 EH/s.

Governmental Support of Bitcoin

According to Curtis Spencer, the absence of strict restrictions on bitcoin mining by governments suggests that the authorities support the first digital coin and are backing its growth.

“The fact that bitcoin is still here means that governments support it. See what happened in Xinjiang. In fact, shutting down the Bitcoin mining network can be quite quick, especially if the United States and Kazakhstan stop all their miners – this will already turn off 80% to 90% of the network hashrate,” – added the Electric Capital co-founder.

Earlier in the Chinese province of Inner Mongolia, an initiative was already discussed to ban the mining of cryptocurrencies to conserve energy resources following China’s five-year economic plan.

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