Latest Forums in August 2021 Page: 7
China’s Changing Stance In the past month, China has ramped up its existing disdain for Bitcoin and the cryptocurrency market at large. Beijing recently called for a severe crackdown on Bitcoin trading and mining, which has triggered an exodus of miners into safer locations such as the United States (mainly Texas, which has an abundance of renewable energy). Province leaders in Inner Mongolia, after failing to meet Beijing’s climate targets, have given Bitcoin miners two months to clear out. In the short term, a hashrate drop isn’t great for the market as a whole, which has already tumbled over 35% in recent weeks. However, setting up shop in more crypto-friendly jurisdictions with better access to sustainable resources could end up being the best long-term solution for miners. As the availability of cryptocurrency mining and trading facilities in China starts to wane, it’s likely that larger traders will phase over to areas like Hong Kong, Singapore, or the United States, where greater trading flexibility can be found.