The punitive measures carried out by the authorities of the People’s Republic of China against the most popular of cryptocurrencies, have innumerable edges. The most recent is the attempt by a group of Chinese digital miners who refuse to leave the country and seek options. They would have expressed their intentions to switch to other alternatives within the world of cryptocurrencies. During a forum in Chengdu, dedicated to Web 3.0, Blockchain and its related topics, some proposals were known. It should be noted that this forum was the first after Beijing’s repressive measures against mining and Bitcoin trading. In this sense, the testimonies of some of the thousands of miners who were affected by the repression were known first-hand. Although most of them do not intend to stay, but are accelerating the process to move to other nations, another group thinks differently. The latter are exploring other alternatives that consume less energy. These include some coins covered by the Proof-of-Stake (PoS) protocol and others Proof-of-Space and Proof-of-Time. Chinese digital miners divide to seek options The repressive measures in China, left the use of Bitcoin, both in commerce and mining, punishable by law. Meanwhile, the former representatives of the business were divided into three parts. In other words, Chinese digital miners were divided when looking for alternatives to their situation. These are those groups: Those who leave: Although the exact number or percentage of them is not known, it is thought that they make up one close to the majority. These entrepreneurs have no intention of staying with their unproductive mining equipment. For this reason, they embark on the crusade to migrate to other countries. Among the most coveted sites are the United States, Canada and Australia. Those looking for alternatives: They are the protagonists of this post and of which little was known until the aforementioned forum in Chengdu. These evaluate other cryptocurrency options based on the PoS. Likewise, other forms of coin generation that require less energy consumption and that are not under the scrutiny of the authorities. These entrepreneurs refuse to leave the country. Those who wait and watch: The third group of former Chinese digital miners are more agnostic and do not seek an immediate solution. In simple words, “they wait to see what happens.” This group hopes that the authorities will change their mind and allow the resumption of mining activity. Chinese digital miners are looking for a way to overcome their current idle situation. Some go to other countries, others see alternatives in other cryptocurrencies such as Chia and Filecoin. A third group waits patiently. Source: CriptoTendencia What are the alternatives in the second group? The alternatives sought by former Bitcoin miners who refuse to leave their nation are varied. Some of them are the already mentioned bets with the PoS. Others like Chía, which is generated through a process of low energy consumption and is based on storage. That is, instead of an ASIC or a GPU, hard drives are required. Filecoin is another of the storage-based options that these entrepreneurs are considering. It could not be otherwise, they are more risky and maintain the PoW with currencies like Monero and with the help of VPNs. These are forced not to conglomerate their CPUs to avoid being detected by consumption. The prohibition of Bitcoin in China is a very recent process from which it can be said that not all the possible consequences are known. However, the enthusiasts of this digital currency are confident that, by the month of October, the hashrate is already fully recovered. Regulators won’t take long to notice Another point to keep in mind is that the former Chinese digital miners who are looking for other options, know that the authorities are lurking. For many of the participants in the Chengdu forum, it is a matter of time for regulators to act. Hostility against other cryptocurrency projects is expected to be similar to what they showed with Bitcoin. The background to this matter is that Beijing will not tolerate competition against its central bank’s digital currency project. As the authorities advance against Bitcoin and other recognized currencies, the evidence of its Digital Yuan is accentuated in different parts of China. In the framework of the economy and development seen by the Communist Party, everything must be framed in its five-year plans. Any project that runs parallel or autonomous is suppressed by the authorities. In this way, the Party prevents the establishment of an economic order alien to or not controlled by the State. Western countries have a similar vision against Bitcoin, but from the other ideological extreme.

This data comes from MediaIntel.Asia's Media Intelligence and Media Monitoring Platform.