crazed 9.6
05-26-2021, 03:04 PM
China holds a large portion of all the mining done on the planet. Maybe as high as 65% of all mining is done in China.
To put that into perspective, the United States and Russia are second and third on the list respectively, with about 7% each.
But the China government is putting a stop to all that.
The CCP is mainly saying that it has to do with the resources used to mine bitcoin. Coal fired power plants for example.
But this is the China Communist government we are talking about here and the real reasons may be something entirely different... dare I conjecture about any of it thou :eek:
China's central government vowed to clamp down on bitcoin mining and trading on Friday, causing some miners to halt all or part of their operations in a country that accounts for more than half of the world's crypto supply.
Seems miners are now looking to make haste and move out of country so they can continue with their business.
C/P
China dealt its second blow to Bitcoin (BTC) this week when the government announced a crackdown on Bitcoin mining and trading activities. According to CoinDesk, the statement followed a meeting hosted by Vice Premier Liu He, and is one of the most high-profile warnings against cryptocurrencies in recent years.
Earlier in the week, Chinese authorities cracked down on the crypto industry as a whole, banning financial institutions from offering any form of crypto service. Bitcoin mining was not mentioned, but this news shows it is still on the government's radar.
China has made several moves in recent years to restrict cryptocurrency investments, including banning cryptocurrency exchanges. However, they reflect an even stricter stance with these recent moves.
Some observers believe this is because China plans to launch its own centralized digital yuan, which is currently in a pilot phase.
In terms of mining, it's worth remembering that -- unlike coal or gold -- halving the number of miners would not half the production of Bitcoin. If a large proportion of Bitcoin miners shut down, the puzzle would become easier to solve, and we'd still get a new block every 10 minutes.
end c/p
https://www.msn.com/en-us/money/markets/what-chinas-crypto-mining-crackdown-means-for-bitcoin-investors/ar-AAKioru
To put that into perspective, the United States and Russia are second and third on the list respectively, with about 7% each.
But the China government is putting a stop to all that.
The CCP is mainly saying that it has to do with the resources used to mine bitcoin. Coal fired power plants for example.
But this is the China Communist government we are talking about here and the real reasons may be something entirely different... dare I conjecture about any of it thou :eek:
China's central government vowed to clamp down on bitcoin mining and trading on Friday, causing some miners to halt all or part of their operations in a country that accounts for more than half of the world's crypto supply.
Seems miners are now looking to make haste and move out of country so they can continue with their business.
C/P
China dealt its second blow to Bitcoin (BTC) this week when the government announced a crackdown on Bitcoin mining and trading activities. According to CoinDesk, the statement followed a meeting hosted by Vice Premier Liu He, and is one of the most high-profile warnings against cryptocurrencies in recent years.
Earlier in the week, Chinese authorities cracked down on the crypto industry as a whole, banning financial institutions from offering any form of crypto service. Bitcoin mining was not mentioned, but this news shows it is still on the government's radar.
China has made several moves in recent years to restrict cryptocurrency investments, including banning cryptocurrency exchanges. However, they reflect an even stricter stance with these recent moves.
Some observers believe this is because China plans to launch its own centralized digital yuan, which is currently in a pilot phase.
In terms of mining, it's worth remembering that -- unlike coal or gold -- halving the number of miners would not half the production of Bitcoin. If a large proportion of Bitcoin miners shut down, the puzzle would become easier to solve, and we'd still get a new block every 10 minutes.
end c/p
https://www.msn.com/en-us/money/markets/what-chinas-crypto-mining-crackdown-means-for-bitcoin-investors/ar-AAKioru
