By Hassan Mehmood (Saudi Arabia)
China is not coming slow with the cryptocurrency ban and crackdown against the miners working from various parts of the region. What used to be a breathing and soaring kingdom for miners is now almost a deserted and abandoned land with only a few players remaining in the game.
China is fierce with its new mining crackdown and is not sparing anyone; no one can understand the agility to end mining from its regions as it could be a profit intensive endeavor because blockchains of every cryptocurrency require the mining power, and China could provide that, but it doesn’t seem to be the case in here.
The crackdown against the Bitcoin miners has almost reached the Yunnan province, and China has asked the miners there to stop their mining activity by the end of June, and if they don’t, then there would most definitely be some heavy penalties involved. All of this could be due to China’s carbon neutrality goal, and to achieve it, all sorts of mining taking place using fossil reserves need to be stopped.
Also read:China Wants Every Mining Facility Closed for Good
Another very generic thing that could be orchestrating China’s decision to halt all mining activity is the fear of not being able to have any plausibility on Bitcoin or any other cryptocurrencies. It is something that can be regulated for sure but can’t be brought under the control of a single entity; this is the very essence of cryptocurrencies and blockchain technology, for that matter. Anyway, it could be something that is dictating China’s decision to halt crypto activity in the region, or it could be among many of those same reasons to get rid of Bitcoin mining on every possible scale.
At this time, it has become clear that China is not the safe haven that it used to be for miners, which is why almost all miners are fleeing the region and shifting their mining infrastructure to more crypto-friendly regions such as the US and Europe. It might not mean that mining could never come back to China, it is all a game of money, and if it felt right to the investors, then mining could re-establish in China, but at the moment, it is far from that.
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