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It also messes up the Bitcoin mining economics for the rest of the world. If you see mining bitcoin as a way to convert CNY -> equipment and electricity -> bitc
by opportune 7y ago
It also messes up the Bitcoin mining economics for the rest of the world. If you see mining bitcoin as a way to convert CNY -> equipment and electricity -> bitcoin -> foreign currency, you’re willing to operate at a loss. Kind of like how when people launder money they accept they’ll only get 50% or something of their dirty money converted into clean, except in reverse.