China’s crackdown means Bitcoin is working, says crypto miner

China’s crackdown means Bitcoin is working, says crypto miner

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  1. China ban on mining has a positive aspect though: BTC hash rate dropped 30%, Blocks slowed down, therefore the mining difficulty goes down due to less mining power being around, then more miners around the world will be incentivate to mine.

    Even miners who gave up, because mining at these levels became too power-demanding, might come back in the game thanks to mining difficulty decreasing.

  2. China’s crackdown hurts regarding the prices and bullish sentiment for now and the coming weeks, it’s the best for crypto in the long run. More stability, more mass adoption outside China, and no more FUD or fake hypes coming out of China.

  3. Honestly I’m all for China banning Bitcoin. Bitcoin being mostly owned and utilized in China was one of the worst things about it.

    When we see it go back up again. Hopefully it will be in a market where China doesn’t play a big part in it.

  4. The Chinese govt has rather shot itself in the foot with this latest crackdown. Not only have they revealed just how frightened of Bitcoin they are, but it seems they are uncertain about their digital yuan too. If they weren’t, they’d be unbothered about crypto.

  5. Last time I checked, most of the time wba. A government wants you to stop doing something it’s because they haven’t figured a way to make money off of it yet.

  6. Just out if interests sake, does anyone know what level of regulation applies to crypto in Hong Kong?

    I would imagine given their fight for emancipation, crypto would be popular if not, at the very least, useful?

  7. China burns a massive amount of coal with far less rules than we have in the U.S. It would be better if mining takes place in countries that care about the environment. Whether it is with renewable energy sources or just cleaner more regulated non-renewables. Less people will be able to argue that it is not environmentally sustainable now. China is a scourge on the worlds air and oceans. If only we had a guy in office who would be tough on them to curb this destruction.

  8. I tweeted at Adam Back about this and the drop in hashrate, and he responded with this:

    > speaking as a miner, this is great, more profit/hash if hashrate drops. ofc much of it will come back sooner or later. people don’t understand anything. difficulty adjustment. that for miners outside china profitability *increases*. miner hodl ratio increases.

What do you think?

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