It was only a matter of time before China banned Bitcoin (BTC) mining, trading and crypto services. You need special permission to do anything with Bitcoin somewhere in the People’s Republic. The reason given by the Chinese government to crack down on Bitcoin is to reduce its well-documented climate impact. No matter how true this statement is, one thing is clear: China’s legitimate anger at the power rattles and carbon-spitting cryptocurrencies that serve the global climate is Bitcoin and other cryptos. Proof of Work (PoW), a complex crypto security mechanism included in “mining”, is just the first shot of a future global confrontation based on the project. It seems that Battle Crypto can or never wins. For many crypto enthusiasts who have Bitcoin, this is a difficult realization. Luckily, there is a helpful parallel, and it even has the same name: coal mining. Coal is on its last legs because there are cleaner, cheaper, more efficient and more technologically advanced alternatives
Shortterm effects of Chinas Bitcoin ban A combination of inertia and hesitation to quit mining have temporarily cushioned the full impact of Chinas war on Bitcoin. After the initial shock, the United States sprung at the opportunity created by the Chinese ban to become the world`s new mining hub. In Asia, Kazakhstan and Malaysia are ramping up mining operations, as are Germany and Ireland in Europe and Iran in the Middle East, according to recent stats. The effort to keep crypto mining chugging along is making for some very strange geopolitical bedfellows
