{"id":193675,"date":"2021-06-26T02:05:52","date_gmt":"2021-06-26T01:05:52","guid":{"rendered":"https:\/\/cryptoslate.com\/?p=193675"},"modified":"2021-06-25T21:21:16","modified_gmt":"2021-06-25T20:21:16","slug":"what-does-chinas-crypto-crackdown-mean-for-the-industry","status":"publish","type":"post","link":"https:\/\/cryptoslate.com\/what-does-chinas-crypto-crackdown-mean-for-the-industry\/","title":{"rendered":"What does China\u2019s crypto crackdown mean for the industry?"},"content":{"rendered":"

The latest crackdown has compelled many bitcoiners to scramble for the exits, leaving their diamond-handed counterparts to issue witticisms that underline the former\u2019s shaky resolve.<\/p>\n

One Twitter user, for instance, pointed out<\/a> that many of bitcoin\u2019s critics refuse to buy the asset \u201cbecause China controls it\u201d \u2013 while others sold \u201cbecause China banned it.\u201d<\/p>\n

So is the latest ban \u201cshort-term negative, long-term positive\u201d as Skybridge founder Anthony Scaramucci suggests \u2013 or is the industry set for a protracted period of turbulence and uncertainty?<\/p>\n

What Exactly Has China Done?<\/h2>\n

China has never been a fan of bitcoin. On the contrary, it has been sounding warnings, imposing restrictions, closing exchanges, and threatening bitcoiners for the best part of a decade. Hence the term \u201cChina FUD.\u201d<\/p>\n

As far back as December 2013, the People\u2019s Bank of China \u2013 allied with the nation\u2019s financial watchdogs \u2013 slapped a ban<\/a> on banks handling bitcoin transactions. But despite continual censure from the powers-that-be, the love affair between Chinese users and crypto has grown more intense over the years. At present, anywhere between 50-65% of global bitcoin mining is performed in the country. Chinese traders and investors, meanwhile, wield enormous influence on the market.<\/p>\n

Recent events could represent an inflection point in that relationship\u2019s evolution, however. Ostensibly, China has ordered banks and payments platforms to stop supporting digital currency transactions, with directives also issued to halt bitcoin mining in Sichuan \u2013 where many of the country\u2019s largest mining farms are located.<\/p>\n

Undoubtedly, the latest instance of China FUD precipitated bitcoin\u2019s fall below $30,000 for the first time since January. Perhaps more consequentially, the network hashrate plummeted by almost 50%<\/a> in over a month following the clampdown, as Chinese miners powered down their machines.<\/p>\n

In the Midst of Difficulty Lies Opportunity<\/h2>\n

Everyone has a hot take to disseminate about the China crackdown. It\u2019s the death knell for bitcoin. It\u2019s a golden opportunity for miners in other countries. It\u2019s a China flex ahead of their long-anticipated CBDC release. It\u2019s a bump in the road while miners decamp to countries that can offer cheap energy.<\/p>\n

With Xinjiang and Sichuan shutting down several gigawatts of coal-based bitcoin miners, there is another possible outcome: the network gets greener. Of all the blows aimed at bitcoin over the years, criticism of its energy footprint probably has the most weight behind it. Even if those arguments can be dispassionately taken apart<\/a>. Still, with less network processing power concentrated in the region, some may feel that bitcoin\u2019s environmental profile will improve.<\/p>\n

Of course, it all depends where the bitcoin miners fleeing China set up shop. Despite being portrayed as a callous polluter, China\u2019s hydroelectric resources are considerable \u2013 and they were already being put to good use by many of the country\u2019s ruthlessly competitive miners.<\/p>\n

One of the companies left scrambling due to the CCP\u2019s directive was Bit Mining, a publicly-listed Chinese mining firm that has quickly dispatched<\/a> 2,600 rigs to Kazakhstan. All should be powered up in their new location by the start of July. The company has also started investing in mining facilities in Texas, where fossil fuels and wind power is abundant.<\/p>\n

Beijing-based mining giant Canaan has also set up a base of operations<\/a> in Kazakhstan, crediting the region\u2019s famously low electricity rates.<\/p>\n

Lest we all start celebrating this frantic mass mining migration, we should probably mention that over 70% of Kazakhstan\u2019s electricity supply is coal-powered. Incidentally, the region already ranks fourth<\/a> in the world for hashrate distribution, behind Russia (3rd), the United States (2nd), and China.<\/p>\n

Aside from Kazakhstan, the U.S. is likely to see a mining boom. Thanks to bitcoin\u2019s downward difficulty adjustment, North American miners will earn higher margins, incentivizing participation from others keen to get in on the act. Though Texas is the obvious beneficiary, one Chinese logistics firm has reportedly airlifted 3 metric tons of mining rigs<\/a> to Maryland. To be sure, that\u2019s a small amount of hashpower \u2013 but it does prove that Texas isn\u2019t the only game in town.<\/p>\n

TL;DR: The World Keeps Turning<\/h2>\n

Some people genuinely believe the crackdown changes everything. Jim Cramer, for example, sold<\/a> \u201calmost all of my bitcoin\u201d after getting spooked. And yet after falling below $30,000, the world\u2019s O.G. crypto saw a nice 15% bounce to defy the doomsayers. One is reminded of that line from Wolf of Wall Street<\/i>: \u201cThey're gonna need a f____g wrecking ball to take me out of here!\u201d<\/p>\n

Who knows what the future holds? What we can say is that miners aren\u2019t an easily discouraged bunch. And states with abundant stranded\/wasted energy resources should \u2013 if they aren\u2019t already \u2013 be licking their lips at the prospect of raising significant revenue via bitcoin mining.<\/p>\n","protected":false},"excerpt":{"rendered":"

The latest crackdown has compelled many bitcoiners to scramble for the exits, leaving their diamond-handed counterparts to issue witticisms that underline the former\u2019s shaky resolve. One Twitter user, for instance, pointed out that many of bitcoin\u2019s critics refuse to buy the asset \u201cbecause China controls it\u201d \u2013 while others sold \u201cbecause China banned it.\u201d So […]<\/p>\n","protected":false},"author":452,"featured_media":193677,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[120,25891,11],"tags":[60786],"prediction_market_topic":[],"post_folder":[],"acf":[],"yoast_head":"\nWhat does China\u2019s crypto crackdown mean for the industry?<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/cryptoslate.com\/what-does-chinas-crypto-crackdown-mean-for-the-industry\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"What does China\u2019s crypto crackdown mean for the industry?\" \/>\n<meta property=\"og:description\" content=\"The latest crackdown has compelled many bitcoiners to scramble for the exits, leaving their diamond-handed counterparts to issue witticisms that underline the former\u2019s shaky resolve. 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