China stops BTC mining!!!!!???
As we already know BTC mining is very power intensive. I also have a post about this topic if you have not read it yet. To lower the cost of mining many mining companies are settled in China. There the mining hardware is cheap and the power cost as well. But what if the Chinese government cut out the power supply for the miners?
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According to many sources, in the debate over state intervention in the production of the controversial Internet currency Bitcoin in China, the central bank does not feel directly responsible.
At a meeting with state-owned Internet financial supervisors, the central bank stressed at the end of December that it could not directly influence the power-intensive generation of Bitcoin in mining. However, they are able to ask local authorities for it. SO they could indirectly influence the mining scene and work towards a gradual reduction of power usage for mining.
China is a stronghold of mining. China's controversial digital currency business is considered a loophole to circumvent capital controls.
Because all transactions with the cyber currency are encrypted and fed into a database so-called “the blockchain” it needs to be mined for a valid transaction. With comparatively cheap computers and low electricity prices, miners in China have a big advantage. However, bitcoin trading in China is no longer possible: The Beijing-based crypto stock market closed in September. The government wants to use the trading ban to limit the financial risks that the highly speculative and recently rapidly growing market entails.
The government of China said that they wanted to reduce the BTC mining development.
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