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China will likely ban all Bitcoin mining soon
- Bostonian 5y agoIs this bearish for Bitcoin because it reduces the legitimacy of the currency or bullish because it reduces the supply?
- CountSessine 5y agoWith that much computing power taken out of the network, how does this affect the network’s ability to even make a quorum?
- throwkeep 5y agoA crackdown on miners in China would radically reduce the carbon footprint of Bitcoin mining, increase the profitability of all the remaining #Bitcoin miners, reduce nagging China FUD, support progress toward our ESG goals, & drive up the value of $BTC. We should be so lucky... https://twitter.com/michael_saylor/status/1395794942295953410 https://twitter.com/michael_saylor/status/139579494229595341...
- nicbou 5y agoWouldn't it reduce its credibility as a currency or value store if it slowly gets regulated out of relevance?
- everybodyknows 5y agoCan it really be that China is now moving ahead of the US both in financial regulation, and in environmental responsibility? > The government will “crack down on bitcoin mining and trading behavior and resolutely prevent the transfer of individual risks to the society” > In upstate New York, a private equity firm bought and revamped an abandoned power plant just to mine bitcoin.
- randomhodler84 5y agoIt is nothing to do with the environment, and everything to do with ensuring and retaining control of their money through their central bank digital currency.