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


📲 Insider Info in my Socials 👉 https://guy.coinbureau.com/socials/
🛒 20% Binance Discount 👉 https://guy.coinbureau.com/binance/
👕 “Hodl” Hoody 👉 https://store.coinbureau.com/product/hodl-hoodie
🔥 TOP Crypto TIPS In My Newsletter 👉 https://guy.coinbureau.com/signup/

~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~

📺 Useful Vids 📺

China Mining Concerns 👉 https://www.youtube.com/watch?v=qctnB6DHMLA
Energy FUD 👉 https://www.youtube.com/watch?v=DidAwxWaDKI

~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~

– 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

~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~

⛓️ 🔗 Useful Links 🔗 ⛓️

Ark & Square Report: https://bit.ly/3gjsbsg
Coinmetrics Blog Post: https://medium.com/coinmetrics/bitcoin-miners-are-escaping-china-d3937e8f018c
Miners Leaving: https://www.wired.co.uk/article/china-bitcoin-mining-ban-kazakhstan
World Energy Breakdown: https://ourworldindata.org/electricity-mix
Mustafa Tweet: https://twitter.com/MustafaYilham/status/1396574185598590979
Chinese Government Crackdown: https://www.cnbc.com/2021/05/26/major-china-bitcoin-mining-hub-lays-out-harsher-crackdown-measures.html
Chinese Government Targets: https://www.reuters.com/article/us-climate-change-china-coal-idUSKBN2BK0PZ

~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~

😨 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.

~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~

📜 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

The Rise Of Automated Forex Trading Software

Automated Forex trading software application is a lot more preferred than ever, especially with the stock as well as property markets crashing and melting like no one’s service. There’s a great deal of unpredictability in the financial world today, and also because of this not remarkably many individuals are counting on Foreign exchange to locate larger returns. Clearly, lots of people are uncovering very promptly that the currency markets operate extremely in different ways to standard supply purchase and also hold investments, which is why software programs that promise to manage their professions for them are indispensable.

5 Tips for Trading Forex

The foreign exchange market is the most preferred economic market worldwide, preferred due to the liquidity of significant foreign exchange sets, as well as because it’s a 24-hour market. Right here are some pointers to improve your forex trading experience.

Learn Currency Trading With a Forex Account

The history of forex money trading days back to the time when bartering was the common means to exchange products for solutions or products for goods. It is with the arrival of paper as well as coin money that the bartering system altered permanently. It ended up being a need for nations worldwide to document their wide range as well as exchanges of products for money within the nation and with other nations by method of maintaining records of each country’s main bank tasks.

Currency Trading Benefits

Forex trading has to do with buying and marketing of foreign money. The idea is to buy when the foreign currency is inexpensive and market it when it comes to be a lot more expensive, however why should you choose Forex trading over any kind of various other type of trading?

5 Tips To Reading Forex Charts

1. If buying currency sets, you’re expecting the money chart to enhance, in order to benefit in the trade. So you’re expecting the base money to strengthen against the terms money.

You May Also Like