Crypto Currency Minning

Ryan Van Wagenen Update on the Mining of Cryptocurrency

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Mining of cryptocurrency is a process that has changed drastically since inception. When Bitcoin was first mined, it was like the Wild Wild West, where it was a free for all and technologically savvy engineers could mine what seemed to be an unlimited amount of cryptocurrency. In recent years, that is definitely not the case anymore and there is limited upside in spending time mining for example, Bitcoin. Not just is there a ton more competition in regards to engineers and the like, but there are also more regulatory authorities entering the digital currency business every day.

Google Chrome to Remove Crypto Mining

 

In addition to governments such as China, South Korea, and India making announcements on the future of cryptocurrency regulation, there are also large technology companies starting to have a voice on these matters. One such example is Alphabet, which made it clear and officially stated earlier in the year that the largest search engine in the world, Google, would not support mining extensions on their web store anymore. This would be a retroactive ban, meaning that even the current plans on the platform will be taken off the site as well. Google is aware of the reputational risk of keeping the deceptive apps that are tied to crypto. A lot of these apps are already with horrible reputations of just trying to rob and take advantage of customers. The only way to stay on the store now is through absolute transparency and being a crypto mining single purpose app.

Ryan Van Wagenen Thoughts on the Matter

 

Ryan Van Wagenen notes that 84% of Google’s parent company, Alphabet, is derived through advertising. To remove several billion dollars in ads from their business, shows there was a serious issue with the content and Alphabet determined it was not worth the monetary gains to the company to keep up the advertising. This is a great sign for the industry for a company like Alphabet to evade monetary gain through Google for the long-term benefit of its customers. Also, typically when a large company makes a move like this, the smaller ones follow and so this will likely end up being a helpful move for society as a whole.

Other Large Tech Companies Have the Ban Enforced as Well

 

Some other notable large technology companies that have enforced a ban include: Twitter, Snapchat, LinkedIn and MailChimp. It’s interesting that these companies don’t have the exemption for single purpose crypto mining applications. The others strictly ban any program with any mention or sign of crypto mining.

 

Google made an additional move last month as it announced that it would halt any cryptocurrency-related advertising. This to occur in a few months was decided as it was determined that cryptocurrency poses a potential harm to its customers. Although the cryptocurrency boom has created a lot of excitement and unexpected wealth for many people around the world, crypto is still a mainly unregulated arena that has serious issues with scams that steal money from their consumers. Google removed approximately 3.2 billion ads that had violated this new policy with ties to cryptocurrency.