As it costs more to mine/mint the later bitcoins than the early ones it sounds like a pyramid scheme to me.
“As it costs more to mine/mint the later bitcoins than the early ones it sounds like a pyramid scheme to me.”
INTERNET-—
Some 75% of the world’s bitcoin mining is done in China, where there is cheap electricity and relatively easy access to manufacturers who make specialized hardware, according to the study.
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YAHOO NEWS—
Wed, May 19, 2021, 4:41 AM·3 min read
Bitcoin plunged below $39,000 for the first time in more than three months Wednesday after China said cryptocurrencies would not be allowed in transactions and warned investors against speculative trading in them, despite the country powering most of the world’s mining.
The comments sent the unit diving more than 10 percent and dealt it another blow soon after being battered by comments from tycoon Elon Musk and his Tesla car company.
Trading in cryptocurrencies has been banned in China since 2019 to prevent money laundering as leaders try to stop people from shifting cash overseas. The country had been home to around 90 percent of the global trade in the sector.