Electric capital exec says, “Governments will be able to stop Bitcoin by shutting down the mining.”

If the US and Kazakhstan could stop all the miners, this could bring out an 80% to 90% shutdown of the hash rate very quickly. The statement is according to Curtis Spencer, Electric capital co-founder, and partner. It also implies that the Bitcoin network can owe its continual existence by the grace of Governments.

Collision web Summit

In the panel at collision with the summit on Tuesday, Spencer spoke. Spencer said that the lawmakers are more responsible for giving Bitcoin chances to grow. He also added that they are not imposing any harsh restrictions on the mining operations. Spencer asked, “Can Government stop Bitcoin?”.

Xinjiang

He also discussed about the incident that happened in Xinjiang. Xinjiang region of China represents roughly 25% of the Bitcoins Global hash rate.

Willy Woo

Willy woo is a Crypto market analyst. He claimed that the BTC’s crash was a result of the power outage in that area. This made a subsequent drop of the hash rate from 172 tera hashes per second to 154 million Tera hashes per second. The event happened over the weekend.

Power Outages

These Power outages must be initiated to facilitate the safety inspections of the region. This implies that seemingly nothing can stop the Government of China from dropping the hash rate intentionally.

According to fellow panelist Jordan, lawmakers started to shift their positions on Crypto. He must probably refer to the authorities who are not trying to shut down the network on the web but instead attacking the miners.

The regulatory environment of the United States at the moment looks like favoring Crypto miners rather than pulling the plug on them. Lawmakers of Kentucky, recently passed two bills that would give Crypto miners tax breaks. This is done as an effort to attract firms to their state.