Bitcoin Mining BANNED in China!! Impact on BTC?? 😮

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📺 Useful Vids 📺

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- TIMESTAMPS -
0:00 Intro
2:01 Understanding the Problem
5:22 Government Crackdown
8:32 Miners moving out
11:43 Positive for Bitcoin?
13:54 Environmental Impact?
15:44 Fostering Green Revolution
18:15 Conclusion

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⛓️ 🔗 Useful Links 🔗 ⛓️

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😨 Why It's a Problem 😨

It all comes down to centralisation. Chinese mining centralisation has always been a thorn in the side of Bitcoin and has been used by critics for years.

Currently, over 65% of all the global mining hashpower is concentrated in China. Mining concentration is dangerous

Moreover, with over 51% of the hash rate, miners could theoretically launch a double spend attack

Apart from this, there are also environmental concerns that come from Bitcoin mining in China. Yes, many mining farms do use hydro power but for all of the rest, they have to rely on dirty coal fired power stations.

🇨🇳 Government Crackdown 🇨🇳

This year saw the launch of China's CBDC which meant that the government wanted to take one more move against crypto. The Chinese government also has carbon emissions goals

On the 21st of May the Chinese vice premier said that the government would "crack down on Bitcoin mining and trading behavior"

The price of Bitcoin immediately fell by 6% as market participants tried to process exactly what this meant.

⬇️ Miner Exodus ⬇️

Something else that we can look at is the amount of mining equipment that has hit the second hand market.

This was further corroborated with comments from the CEO of Canaan, a large ASIC manufacturer listed on the Nasdaq. He said that these miners were "underselling" their equipment on the market.

Within Kazakhstan, similar stories abound. According to the founder of Xive, a Kazakhstan based company helping miners, he has received "daily requests" from these Chinese miners.

Alex Brammer of Luxor Tech has been fielding frantic requests from miners who are looking for data centre colocation space all over the US.

Large mining pools and cloud mining operators have suspended their operations in China.

The exodus has begun and as these miners start to move their operations overseas, we are likely to see a continued fall in hashpower

🤔 Good for Bitcoin? 🤔

Although there will be a temporary fall in the hashrate on the network, it will still be the best thing in the world for Bitcoin.

The network is meant to be robust and adaptive. If there is a fall in the hashrate the difficulty adjusts in order to bring more miners into the fold.

When the difficulty falls it means that mining bitcoin becomes easier which brings more marginal miners back into the fold.

However, in the longer term as those chinese miners are able to set up their farms overseas

And, when this hashpower comes back online it is likely to be in a country that is a lot more stable from a political risk perspective

🌲 Greener Mining 🌲

Energy production is different from Energy use. Bitcoin mining can use any energy source in order to mine coins. In other countries, they are less dependent on coal which is the dirtiest energy source there is in the world.

When miners move there they will be using these green energy sources that will mean a lower carbon footprint. There is also increasing evidence that Bitcoin miners can make it a lot more economical for energy producers to provide green sources.

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📜 Disclaimer 📜

The information contained herein is for informational purposes only. Nothing herein shall be construed to be financial legal or tax advice. The content of this video is solely the opinions of the speaker who is not a licensed financial advisor or registered investment advisor. Trading Forex, cryptocurrencies and CFDs poses considerable risk of loss. The speaker does not guarantee any particular outcome.

#Bitcoin #Mining #China #Crypto #BTC #centralisation

[Wokenomics_PhD]

That cop was totally a stripper and not a cop.

[iamaku]

That hoodie counts as financial advice.

[tatradak]

Mine in Scotland 🏴󠁧󠁢󠁳󠁣󠁴󠁿.. 100%Hydro and wind... Zero coal or gas...

[RemingtinArms]

"Mining banned in China!"

Sooo, mining just became twice as profitable for the rest of us? It's like a whole extra halving!

[adammoore]

..."your centralized shit coin..." NICE!, I almost spit out my beer with laughter.

[jerikayemagdalena]

They need to relaunch blue's clues with guy as the host.

[sandaverock]

If they can't mine in China, they will mine somewhere else..so yeah I'm not worried...it will dip a little then it will rise back

[IMOMENTOI]

This is the guy public needs to keep attention on, not Elon Musk and the rest of hypocrisy people.

[velcoin]

The government always has to take a good thing and screw it up. 🤦‍♂️

[JeremySpencerJJWS]

You can't knock his value, not when he even hires appropriate costumes.

[DigitalAssetNews]

This was a GREAT vid guy and crew. Really enjoyed it.

[filibertomarrinan]

why would anyone choose this over seek hash with much more th/s?

[torqueofthedevil]

The less China has to do with anything the better

[nateamus]

Our boy just pulled off a pretty convincing Bernie Sanders impression. Well done, brother!! 😂😂

[MrMrbrianbechtel]

This isnt bad news. Its the most bullish news for BTC ever

[fumikerhong]

I'm actually tired of working about stocks...it's driving me nuts these days, I think crypto investment is far better than stock..

[ashleym]

China did not ban mining, an article update was just put out saying the story was false.

[joykrahnert]

I believe the market is going to flow in 2022 rally and end in crypto winter after May, just a guess. Not a fan of rise and fall anymore, people think Investing in crypto is all about buying coin and leaving it to rise, 😀 😀 common it takes much analysis to be a successful crypto trader, TECHNOPAWNS🪐COM his skills set is exceptional. A portfolio I got into the strategy with 1.3BTC is growing to 6.6Btc

[hjphan]

Sir you speak English very well for a Chinese police officer!

[Justbetru]

That sweatshirt is so tacky only a really rich person would think it was stylish.