China Banning Crypto Mining
4China Banning Crypto Mining. This is really good for the environment and nothing is lost from the bitcoin scene because it means less competition from for the same bitcoin. I do wonder if it is going to make transactions any longer to take
China's ban forces some bitcoin miners to flee overseas, others sell out
SHANGHAI, June 25 (Reuters) - China's sweeping ban on cryptocurrency mining has paralysed an industry that accounts for over half of global bitcoin production, as miners dump machines in despair or seek refuge in places such as Texas or Kazakhstan.
"Many miners are exiting the business to comply with government policies," said Mike Huang, operator of a cryptomining farm in the southwest province of Sichuan.
"Mining machines are selling like scrap metal."
The local government of Sichuan, China's No.2 bitcoin mining centre after Xinjiang, issued a ban on cryptomining a week ago. read more
China's State Council, or cabinet, vowed to crack down on bitcoin trading and mining in late May, seeking to fend off financial risks after the global bitcoin mania revived Chinese speculative trading in cryptocurrencies. The clampdown comes as China's central bank is testing its own digital currency.
Chinese authorities say cryptocurrencies disrupt economic order, and facilitate illegal asset transfers and money laundering. Analysts say Beijing is also worried about potential competition for the digital yuan and that the power-hungry business of bitcoin mining could damage the environment.
Following Beijing's call, China's main cryptocurrency mining hubs, including
https://www.reuters.com/technology/chinas-ban-forces-some-bitcoin-miners-flee-overseas-others-sell-out-2021-06-25/