As the creator of Bitcoin when he released the first white paper on this currency in 2008, Nakamoto suddenly disappeared in 2011. After 10 years, the true identity of the “father” of Bitcoin is still unknown. Sketch of Nakamoto’s statue to be placed in Hungary. Photo: Réka Gergely. According to the Coin Telegraph , a statue of Satoshi Nakamoto will be erected in Budapest (Hungary) with the size of an adult. The face on the statue is mysterious, showing his unclear identity. The statue of Nakamoto in Budapest is made of bronze, the face is plated with a reflective layer so that viewers can see their own faces, emphasizing the saying “we are all Nakamoto” that Bitcoin investors often use. The Nakamoto casting project was started by András Györfi, a cryptocurrency advocate, with funding from four organizations including Mr. Coin, Crypto Academy, Hungarian Blockchain Association and Blockchain Budapest. Share with Hungary Today , Györfi highlighted the benefits of Bitcoin and blockchain technology for different sectors of the world. “This is an efficient, fair and transparent database that eliminates suspicion between people, bringing positivity to the world in many areas, from food supply to hospital distribution. support,” said Györfi The Nakamoto statue is expected to be located at the Graphisoft park in the 3rd district of Budapest. This park is also home to a statue of the late Apple CEO Steve Jobs. The statue was erected by Graphisoft, a software company in Hungary that Jobs invested in in the mid-1980s. Nakamoto’s statue will be placed near the cast of Steve Jobs. Photo: Wikimedia. This is not the first time that statues related to cryptocurrency have appeared. In 2018, the city of Kraj (Slovenia) placed a Bitcoin statue at a roundabout near the city court, consisting of a 7 m wide steel ring, containing the Bitcoin symbol in the center. Cryptocurrency is a hot topic in Hungary. On May 11, the government of this country announced to cut the cryptocurrency transaction tax from 30.5% to 15% in 2022, part of the country’s economic recovery plan after the pandemic. Expensive price for Bitcoin mining Since the advent of cryptocurrencies, the amount of electricity required for mining has increased significantly. This leads experts to believe that cryptocurrency mining is not environmentally friendly.

“Many large mining owners have contacted me to move their rigs to North America, Europe, Kazakhstan,” Edward Evenson, business development manager at mining firm Slush Pool, said on Twitter. Where does the owner of the Chinese coin farm move? According to Mr. Evenson, the large ASIC mining pools in Xinjiang are being moved to other regions in Central Asia. However, many new batches of miners from companies such as Bitmain, MicroBT are moving directly to North America. Bitcoin farm owners in China will have to find new locations to operate, after the country’s government announced a ban on mining. Photo: Bloomberg. This expert said that the coin farmers who contacted him to move out of China own a miner with a total power consumption of up to 400 MW. This is equivalent to the entire electricity consumption of all Bitcoin mining pools in Quebec, Canada. Meanwhile, Dovey Wan, founder of consulting firm Primitive Ventures, said that in addition to Pakistan and Kazakhstan, countries that are near and have policies to attract Chinese businesses, many companies can choose to move machines. dug into Africa because electricity here is very cheap. Michael Saylor, CEO of MicroStrategy, believes that major mining companies in China will gradually move to the US. “I think in the near future most of the mining capacity will be going to the US and some other parts of the world,” Saylor, a frequent crypto advocate, said in an interview with Cointelegraph. CNN . Many Chinese regions such as Inner Mongolia, Xinjiang, and Sichuan are home to large Bitcoin mining factories. Photo: Bloomberg. Before China strongly banned Bitcoin mining, mining in the country accounted for 65% of the global Bitcoin mining capacity. Immediately after the ban, BTC.TOP, which accounts for 2.5% of Bitcoin capacity, announced the cessation of operations in the Chinese territory. According to the Coin Telegraph In the past few years, the region of Quebec, Canada has also become an attractive area for coin ranchers because of cheap electricity and many hydroelectric plants. This is considered a green energy source, with less emissions than thermal power plants. “There are currently about 90 companies in this industry operating in Quebec,” said Jonathan Côté, representative of Hydro-Québec hydroelectric power company. Mr. Evenson assessed that the diversification of the location of coin farmers has taken place in the past, but China’s ban on mining will accelerate this process. China bans mining but still dominates the world coin market One of the most controversial topics of the past few years has been the dominance of mining pools in China over the rest of the world. Many cryptocurrency advocates fear this outperformance will make Bitcoin’s decentralization worthless. China’s ban on Bitcoin mining may create hope that mining capacity will be less concentrated in large Chinese companies. However, experts say that no matter where they move to operate, the mining camps still belong to the Chinese. “Whether registered and operated in another region such as the US, Kazakhstan or Africa, the truth is that the mining pools still belong to Chinese companies. This transition only makes centralized networks difficult. more monitoring,” said Mrs. Dovey Wan. Yusan Zheng, founder and director of fund management company Waterdrip Capital also believes that China’s ban on mining will make it difficult for small companies, and large companies to benefit. “To find new locations for mining camps, companies will have to spend a lot of money. Only large, experienced companies can go through this stage,” said Mr. Yusan Zheng during the meeting. chat of CoinDesk . According to many experts, even if China bans mining, the world’s largest coin farms still belong to the Chinese. Photo: Bloomberg. Centralization has always been a threat to Bitcoin in particular, and all cryptocurrencies operating on the blockchain in general. If all the newly created Bitcoins were in the control of a few large companies, the neutrality and accuracy of the blockchain would be at stake. Inner Mongolia, one of the regions with the most mining camps in China, has recently proposed multiple penalties for miners. According to the proposed bill, telecommunications, Internet, software parks, or even internet companies that mine or provide resources for mining could have their electricity cut off, withdrawn or even confiscated. license revocation. The bill also stipulates that violators will be blacklisted for their social credit scores, meaning they won’t be able to borrow money from banks or use public transportation. Previously, the Inner Mongolia government also announced a hotline for people to call and report cases of illegal mining. Coin Telegraph The ban on Bitcoin mining will bring many benefits to China. The country has both met its climate target and can boost circulation of the digital yuan as cryptocurrencies are banned from trading. Meanwhile, Chinese businesses operating coin farms abroad will still have to pay taxes.