In recent statements made by regulators and government channels in China, it has been seen that the pressure on the cryptocurrency industry has increased. In particular, statements that indicate that fossil fuel-based Bitcoin (BTC) mining facilities will not be breathed, now are forcing miners to go the other way.
Bitcoin Miners May Leave China
Of china Bitcoin mining The new ban and doing it with cleaner energy could benefit BTC in the long run, although it hosts most of it.
Famous crypto money analyst Vijay Boyapati said in a statement on the subject that it was great that China banned Bitcoin mining. Boyapati stated that mining will thus flow to less authoritarian countries, and the bad news that China is banning Bitcoin may end completely.
In a way, China banning #Bitcoin mining would be great. Mining would just move to less authoritarian countries and we’d be done with China-banning FUD once and for all.
– Vijay Boyapati (@real_vijay) May 21, 2021
Reports of China banning Bitcoin have been heard since 2013, but this has never been as bad as thought. Although China blocked Bitcoin transactions in 2017, cryptocurrencies and mining in China are currently quite legitimate. However, the reason why the BTC price crashes with a single news is that more than 50 percent of the BTC hash rate is based in China.
The fact that Bitcoin miners leave the cheaper electricity after such bans and migrate to more expensive but freer countries can change the situation.
Dovey Wan, one of the leading names in the Chinese market, also stated that the migration of large mining facilities has started.