The Bitcoin myth is shattered!

 Since Musk brought Bitcoin into flames, countless investors have flocked to it. At the end of 2022, the price of a bitcoin is close to $30,000, but in 2021 the price of bitcoin climbs to $64,000. This has caused a lot of investors to ignore the flaws of Bitcoin's skyrocketing and plummeting, and regard Bitcoin as a wealth creation myth.


But, can Bitcoin really make people rich overnight? Can a group of investors, like Musk, stand alone in the ups and downs of the virtual currency circle?

The author believes that perhaps some people will make a fortune with Bitcoin, but most of the ordinary entrants will only become the leeks that are harvested during the period. Now, as Musk turned his face and publicly stated that he would stop accepting bitcoin payments, bitcoin has plummeted all the way, and the myth of creating wealth has gradually shattered.

my country’s attitude towards Bitcoin, a virtual currency, is very clear.

On May 22, the Inner Mongolia Autonomous Region issued an announcement calling for the complete closure of virtual currency "mining" projects . Recently, Qinghai has also clearly issued a notice on the comprehensive closure of virtual currency "mining" projects, requiring all regions to do a good job in rectifying the behavior of virtual currency mining.

There is no doubt that in the face of the risks brought by Bitcoin, Qinghai and Inner Mongolia successively suspend mining is the most correct choice.

In fact, no matter how unwilling to admit that the big players in the currency circle or investors, the energy consumption of Bitcoin is indeed a big problem.

Since the mining of cryptocurrency Bitcoin is carried out through the consumption of energy, most of its mining farms will be concentrated in areas with abundant electricity resources. Inner Mongolia, which is rich in thermal power resources in my country, and Qinghai, which is rich in hydropower resources, are naturally the first choice.

This is why, Inner Mongolia and Qinghai will take the lead in suspending Bitcoin mining.

Although many supporters of the currency circle believe that Bitcoin mining consumes inexhaustible electricity in the central and western regions, not only is it not a waste of resources, but it also makes full use of resources. This is also a win-win situation.


But taking Inner Mongolia as an example, thermal power will not only cause serious environmental problems, but also high GDP energy consumption. Relevant statistics: Inner Mongolia's total economy accounts for 1.7% of the country, but its energy consumption accounts for 5.2% of the country. In the context of today's carbon neutrality, energy conservation and emission reduction have become the main issue, and no economic behavior can be sacrificed at the expense of environmental issues.

After the suspension of Bitcoin mining in Inner Mongolia and Qinghai, many people began to care about whether the shutdown of domestic mines would have a significant impact on Bitcoin?

Industry analysts said: Even if the mines in Inner Mongolia and Qinghai are shut down, it will not have an excessively negative impact on the stability of the Bitcoin system . Because the factory on one side is shut down and the computing power drops, it will be rejected by miners in other regions in a short time. This is an industry game under the Bitcoin design economic model.


Nowadays, with the strengthening of consumers' environmental awareness, more and more people are beginning to pay attention to the environmental problems caused by Bitcoin mining. Whether subsequent related policies will affect the sustainability of Bitcoin's development is still unknown.

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