China Is Set To Dominate Digital Disruptions Using This Revolutionary Technology
We always love to sneak in what our competitors are doing, whether it be the two competing countries. When it comes to China, no more cold shoulder. So here comes the most surprising sneak peek-
- China Sees 454% Increase in Companies with ‘Blockchain’ in Name.
- In the past calendar year, 16,600 newly-registered firms have included blockchain as part of their business strategy.
- That data stands in contrast to the U.S., where just 817 registered firms include the word “blockchain” in their names.
- Over half the world’s major bitcoin mining pools(BTC) are located in China, according to a research paper (pdf, p. 91).
- It’s estimated that two-thirds of the world’s processing power devoted to mining bitcoin resides in China.
- Collectively, bitcoin miners have collected more than $2 billion in revenue over the cryptocurrency’s nine-year lifespan.
- China is home to world’s biggest bitcoin mine- Bitmain.
Above all seems too rich to be true. But believe me, this is the real data collected from trusted sites like quartz, ccn.com and business insider.
What confidential powers of China make it possible?
Bitmain, the land of digital gold
Inner Mongolia is blessed with following four favorable conditions to raise Bitcoin(Blockchain).
- Very low-cost electricity
- Cold weather
- Cheap labor
- Cheap Internet
Due to inflating coal prices in Chinese coal mines, coal-driven electricity took new heights. Being the largest producer of coal in the world, China is home to extremely cheap electricity, hence energy-hungry bitmines. Thus renovating all the warehouses to bitcoin mines was not a big deal.
Cheap labor in the area is another big reason. From coal mining to bitcoin mining, this job is relatively cleaner, easier and well paying at least $600 per month. A bitcoin miner shared that he heard the term Bitcoin for the first time during his interview with Bitmain at a hiring event, now striving for 12.5 bitcoins each ten minutes solving a complex mathematical equation.
You can watch the glimpse here: video
The government-controlled China Central Television (CCTV), broadcasted an hour long show, (addressed by government officials) about blockchain. The country’s hostile-free behavior for blockchain is making them setting such humongous records. In Xi Jinping’s words: Development needs to be done in the fields of Artificial Intelligence, IOT, and Blockchain.
“Blockchain is the second era of the Internet. The value of blockchain is 10 times that of the Internet. Blockchain is the machine that produces trust.”
Faith in Bitcoin and poker – Look at the Bitcoin’s club in ChinaThough Bitcoin mining is not as favorable in India as in China but adoption of Blockchain needs no toll.