Its not that we have anything against Entrepreneurs, whether they come from China, Iceland, India, USA or any other part of the world.
Its more about not needing them in the first place as they are only the middle man who take their cut and can then manipulate how much is dumped on the market and with Crypto Mining Farms holding well over 51% of all Bitcoin mining power, that’s a lot of potential manipulation they have at their disposal.
Is Bitcoin Mining Worth It? Quoted Text
Yes and no, depending on your situation. The emergence of ASICs created an arms race that made investing in Bitcoin mining machines more volatile, and risky, than Bitcoin itself. As Bitcoin ASICs began with the 110 nm Avalons, which was architecture available in traditional CPUs in the early 2000s, many companies sprung up to work toward out the next generation, with hopes of eventually reaching “state-of-the-art”, which is ~22 nm at the moment.
To date, I do not know of any commercially available ASICs with <= 22 nm architecture, but 28 nm has been reached. Realistically, the development of truly state-of-the-art Bitcoin mining ASICs may not be worth the investment, as the increase in power efficiency, which is the most important factor for a Bitcoin mining rig, is nowhere near as large as previous generations. Source: http://coinbrief.net/bitcoin-mining-worth-it/
So why do we need mining?
The simple answer is to make early adopters rich.
This has been part of Bitcoins rise to fame as it enabled computer techs to use their computers to mine hundreds of Bitcoin per day, decreasing as time went on, so that now its a million dollar venture, worthy of Corporations and wealthy individuals… Killing Bitcoins claim to fame which is decentralization!
So why China?
Another simple answer… and that is because mining takes so much electricity to run, miners had to search the world for the cheapest electricity to plug their 1000 plus miners into and China is one of those countries.
Another advantage is labor and warehouse prices as the mining farms need crews to monitor operations around the clock and also need large warehouses to contain the mining hardware.
This is what Bitcoin has developed into.
A system controlled by a very few and it does not make sense that the world is in the hands of a very few people and not the community as has been promised by Bitcoin and all the other similar currencies.
As that is the case with nearly all Crypto Currencies, then perhaps the Government regulated Banks, Treasuries around the world, don’t look so bad anymore!
However, Rimbit found the solution!
We just removed mining from the equation
We removed mining altogether, creating a digital currency that simply did what it needs to do, by users simply having wallets on their computers or mobile devices.
No special hardware is needed and apart from being able to download the software and clicking on a send or receive button, there really is not that much technical ability required as the software does all the verifying and confirming of transaction along our Blockchain.
It is that simple and we believe this simplicity and removing the middleman from the network is essential in building a network that can work for centuries to come, regardless of hardware limitations.
It just works!