“The Death Of China’s Bitcoin Mining Industry,” 7 Takeaways From The Article
Did China make the mistake of a lifetime by banning Bitcoin mining or do they have a secret plan? That’s the question the whole Bitcoin ecosystem is struggling to answer. And today, we got another piece of the puzzle. In the article titled “It’s Over, It’s All Over” – The Death Of China’s Bitcoin Mining Industry,” a pseudonymous manager by the name of Ye Lang tells his story. And in his tale, a bigger story is reflected. Related Reading | Bitcoin Hash Rate Goes On Death Spiral Post China’s Crackdown On Miners On May 21st, in a “meeting of the State....
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For a minute there, it seemed like the FUD was over. The People’s Bank of China contributes to its country’s crypto-crackdown at the “Financial Knowledge Popularization Month,” People’s Daily Online reports from Beijing. Speaking at an event, Yin Youping, Deputy Director of the Financial Consumer Rights Protection Bureau of the People’s Bank of China, claimed: “We remind the people once again that virtual currencies such as Bitcoin are not legal tender and have no actual value support.” Related Reading | “The Death Of China’s Bitcoin Mining Industry,” 7....
What is the new “China Model”? And why would that country ban an industry that made them the ultimate leaders in the most important development in recent times? The world is still scratching its head. There has to be something else to this story. Is it only control that they want? Or does China have a secret plan nobody’s been able to figure out? We at NewsBTC have been studying the case, looking for clues, reporting on related news. After the ban, when Bitcoin’s hash rate collapsed, we posed Bitcoin Magazine’s Lucas Nuzzi’s theory that it all had to do with the Digital Yuan, China’s CBDC.....
Bitcoin price is trading at beyond $60,000, altcoins are on fire, crypto companies are going public, and innovation is blossoming everywhere from DeFi to NFTs. The entire crypto industry and the slow bleed death of fiat currencies like the dollar is all thanks to the first ever cryptocurrency: Bitcoin. To commemorate the changing of the […]
The New York Times’ campaign against bitcoin rages on. Even though this time they had the perfect opportunity to write a balanced article, they didn’t. The author reports one positive bitcoin mining story after another, while keeping a snooty attitude and suggesting it’s all a PR move. The title summarizes the New York Times’ stance, “Bitcoin Miners Want to Recast Themselves as Eco-Friendly.” Related Reading | Valkyrie Bitcoin Mining ETF “WGMI” Approved For Nasdaq Listing Before we get into it, a quick story. The foremost expert in bitcoin’s energy consumption, Nic Carter, published....
Cambridge research shows that China’s Bitcoin mining power fell by 40% before the crackdown, while the United States’ hash power has quadrupled. China’s crackdown on Bitcoin (BTC) mining due to energy consumption concerns is widely regarded as the trigger for the miners’ exodus from Asia to Western countries. But new research by the Cambridge Centre for Alternative Finance suggests that the shift in mining power started before China’s renewed scrutiny.Reuters reported that China’s total computing power connected to the Bitcoin network, or hash rate, fell from 75.5% in September 2019 to 46%....