Cryptocurrency
No, China Is Not Banning Bitcoin Mining: Chinese Crypto Insiders
As reported on NewsBTC, “China was once a hub for Bitcoin innovation and investment, but the nation has shifted gears over the past couple of years. “So when rumors started to spread on Friday morning that the country was banning crypto mining, it was no surprise some were quick to believe the rumors. “But according […]
As reported on NewsBTC, “China was once a hub for Bitcoin innovation and investment, but the nation has shifted gears over the past couple of years.
“So when rumors started to spread on Friday morning that the country was banning crypto mining, it was no surprise some were quick to believe the rumors.
“But according to insiders of the Bitcoin and blockchain scene in China, this is anything but the case. After all, this is the second or third crypto mining scare related to China in approximately 12 months — and a previous case of a ‘ban’ was quickly revealed to be a ‘nothing burger.’…
“…Reuters reported late last year that Chinese crypto miners control two-thirds of the network’s hash rate, ‘a growing share that is likely to benefit the country’s miners.’ The research backing this statistic, done by CoinShares, also indicated that China has seen such strength in crypto mining due to its proximity to hardware manufacturers and the low cost of electricity…”