States will not be able to ban Bitcoin mining

Bitcoin runs on the Proof-of-Work (PoW) algorithm and needs computing power to maintainthe performance of your network. Due to the capacities provided by miners, all transactions within the network are processed.

However, the Bitcoin network can be "pretty quickly"close, which will lead to a “disconnection” of the main cryptocurrency, Curtis Spencer, co-founder and executive director of the blockchain company Electric Capital, is sure, writes RBC Crypto.

According to him, governments are able to stop all mining farms, but the authorities do not do this, since they support the cryptocurrency and allow it to develop.

Curtis Spencer Recalls Recent Declinethe hashrate of the bitcoin network to the lowest level since October last year, which happened due to the shutdown of mining farms in the Chinese province of Xinjiang. On April 20, according to the analytical service Bitinfocharts, the network hash rate of the first cryptocurrency dropped to 98.53 EH / s. As of April 22, it is 114 EH / s.

State interests

Governments do not support bitcoin, but simplyThey do not strongly hinder him, since they are interested in the presence of independent, often shadow, channels for transferring funds, says Maxim Krupyshev, CEO of the Coinspaid crypto exchange. According to him, such channels are used to finance intelligence units and participate in various military conflicts.

“Do not forget about the financial lobby: the participants of the largest stock markets are hardly interested in the loss of such a profitable instrument”, - added the expert. He noted that the government of any country is not a single organism, but a community of many groups with their own interests.

The CEO is of the same opinion.mining pool Sigmapool Jahon Khabilov. He claims that about 80% of the hashrate of the bitcoin network is accumulated in Iran, the United States, China and Russia. In today's world order, the probability that all these powers "turn off mining" tends to zero, Jakhon Khabilov emphasized.

Events in Turkey

On April 16, Bitcoin fell by 5% amidnews about the introduction of a ban on the use of cryptocurrencies to pay for goods and services in Turkey. The Central Bank of Turkey stated that cryptocurrencies are not subject to control and supervision, which creates security risks and possible losses.

These actions of the Turkish authorities have nothing to do withattitude to bitcoin and its place in the financial system, expressed confidence of the CEO of the mining pool Sigmapool. In his opinion, the restrictive measures are associated with the weakening of the Turkish lira, high inflation, political unpredictability, as well as problems in the economy that were caused by the pandemic. Moreover, Turkey has never been a mining center, since the country is experiencing an acute shortage of electricity, Jahon Khabilov said.

Reallocation of capacities

To completely "turn off bitcoin" for everyonestates need to reach a consensus to ban mining, says Maxim Krupyshev. Here you need complete unanimity of all countries of the world, and this is hardly possible, there is no unanimity even within one government, let alone the ability of all states of the planet to agree on a ban on bitcoin, he added.

"If a ban on mining is introduced only by one country or a group of countries, then there will simply be a redistribution of mining capacities in the world, migration of miners to other regions", - the expert noted.

Assuming the US imposes a total banfor mining, then cryptocurrency mining enterprises will immediately start looking for regions where equipment could be transported, explained the CEO of the cryptocurrency exchange Coinspaid. In such conditions, many countries will rush not to prohibit, but, on the contrary, to offer miners favorable conditions so that enterprises relocate to them, as this will allow them to seize the position of the leader in the mining market.

Where is it more profitable to buy bitcoin? TOP-5 exchanges

For a safe and convenient purchase of cryptocurrencies with a minimum commission, we have prepared a rating of the most reliable and popular cryptocurrency exchanges that support deposits and withdrawals of funds inrubles, hryvnias, dollars and euros.

The reliability of the site is primarily determinedtrading volume and number of users. By all key metrics, the largest cryptocurrency exchange in the world is Binance. Binance is also the most popular crypto exchange in Russia and the CIS, since it has the largest cash turnover and supports transfers in rubles from bank cardsVisa / MasterCardand payment systemsQIWI, Advcash, Payeer.

Especially for beginners, we have prepared a detailed guide: How to buy bitcoin on a crypto exchange for rubles?

Rating of cryptocurrency exchanges:

#	Exchange:	Website:	Rating:
1	Binance (Editor's Choice)	https://binance.com	9.7
2	Bybit	https://bybit.com	7.5
3	OKEx	https://okex.com	7.1
4	Exmo	https://exmo.me	6.9
5	Huobi	https://huobi.com	6.5

The criteria by which the rating is set in our rating of crypto-exchanges:

• Work reliability— stability of access to all functions of the platform, including uninterrupted trading, deposits and withdrawals of funds, as well as the duration of the market and daily trading volume.
• Commissions– the amount of commission for trading operations within the platform and withdrawal of assets.
• Feedback and support– we analyze user reviews and the quality of technical support.
• Convenience of the interface– we evaluate the functionality and intuitiveness of the interface, possible errors and failures when working with the exchange.
• Platform Features– availability of additional features — futures, options, staking, etc.
• final grade– the average number of points for all indicators determines the place in the ranking.

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