Confusion grows surrounding official chinese position regarding bitcoin mining
In recent days a number of conflicting reports have surfaced pertaining to the stance of China’s government with regards to bitcoin mining.
Last week, Bloomberg reported that the People’s Bank of China (PBOC) had met to discuss curbing mining operations in China, whilst Chinese media reports denied such – however, it has since emerged that the local government of Xinjiang province has mandated an “orderly exit” of its bitcoin mining industry.
Despite widespread speculation that the long-feared Chinese crackdown on cryptocurrency mining may have begun, the establishment of international facilities on the part of leading mining pools has led to analysts predicting that much of the bitcoin mining industry will be able to weather a Chinese regulatory crackdown.
Won't it be better for everyone mining outside China if they get partially shut down? It's impossible to compete with Chinese mining operations because many of them get their electricity for free, from what I've heard.
I think it's about time the market stops reacting to China's stance on crypto, I'm going to start ignoring their decisions
I wish it worked like that... However, right now, China and South Korea are literally controlling the market and Russia and Japan are on their way to it too!
I am really curious onto what's going to happen to Bitmain, there are stsrting to relocate to US and Canada but electricity over there is much more expensive than China, so it's going to be interesting to see the outcome!
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thanks guys for your opinion,this is my take...It is obvious that bitcoin mining industries is facing serious policy and regulatory challenges as regard to its mining operations.but not withstanding, i think with the recent world consistence dominating power of cryptocurrency and its fast acceptance and recognition, the mining industries in china will gain ground in a near future.