{"id":44775,"date":"2021-06-22T16:45:21","date_gmt":"2021-06-22T13:45:21","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=44775"},"modified":"2025-08-31T18:37:04","modified_gmt":"2025-08-31T15:37:04","slug":"opinion-chinas-crackdown-on-miners-confirms-bitcoins-resilience","status":"publish","type":"post","link":"https:\/\/u1f987.com\/en\/opinion-chinas-crackdown-on-miners-confirms-bitcoins-resilience\/","title":{"rendered":"Opinion: China\u2019s crackdown on miners confirms Bitcoin\u2019s resilience"},"content":{"rendered":"<p>Restrictive measures against Bitcoin mining should be viewed positively, as they confirm the &#8216;soundness&#8217; of the first cryptocurrency. This view was voiced by miner Brandon Arvanaghi in an interview <a href=\\\"https:\/\/www.bloomberg.com\/news\/videos\/2021-06-21\/bitcoin-miner-calls-china-s-crypto-crackdown-fantastic-news-video\\\">Bloomberg.<\/a><\/p>\n<p>\\n\\n\\n\\n<\/p>\n<p>The former security engineer at the Gemini exchange believes that governments around the world are currently forming a consensus on Bitcoin. China&#8217;s actions could become a positive factor in the medium- and long-term prospects.<\/p>\n<p>\\n\\n\\n\\n<\/p>\n<p>Arvanaghi saw this as an inherent stage in the development of any open technology.<\/p>\n<p>\\n\\n\\n\\n<\/p>\n<p>He compared Bitcoin&#8217;s evolution to a video game. In it, a drop in hash rate and\/or geopolitical confrontation (&#8216;the boss&#8217;) will eventually be defeated. In the end this will inevitably lead Bitcoin to the status of a store of value.<\/p>\n<p>\\n\\n\\n\\n<\/p>\n<p>The expert predicted that China&#8217;s role would move to the United States, where mining could become a major industry. He named Texas and Florida, capable of offering conditions for economically efficient cryptocurrency mining.<\/p>\n<p>\\n\\n\\n\\n<\/p>\n<p>The same view is shared by David Marcus, head of Facebook Financial, who described the news from China as a \u201cmagnificent turning point in Bitcoin&#8217;s history.\u201d<\/p>\n<p>\\n\\n\\n\\n<\/p>\n<blockquote class=\\\"twitter-tweet\\\">\n<p lang=\\\"en\\\" dir=\\\"ltr\\\">How is more <a href=\\\"https:\/\/twitter.com\/hashtag\/Bitcoin?src=hash&#038;ref_src=twsrc%5Etfw\\\">#Bitcoin<\/a> mining power moving to the \ud83c\uddfa\ud83c\uddf8 and the West a bad thing? IMO China cracking down on mining is a great development for BTC.<\/p>\n<p>\u2014 David Marcus (@davidmarcus) <a href=\\\"https:\/\/twitter.com\/davidmarcus\/status\/1406918261581750273?ref_src=twsrc%5Etfw\\\">June 21, 2021<\/a><\/p><\/blockquote>\n<p> <script async=\\\"\\\" src=\\\"https:\/\/platform.twitter.com\/widgets.js\\\" charset=\\\"utf-8\\\"><\/script>\\n\\n\\n\\n<\/p>\n<p>Journalist Colin Wu cited a Caixin article in Chinese. Sources at the publication saw in the crackdown on miners a manifestation of Beijing&#8217;s policy against combatting excessive CO2 emissions and a withdrawal of support for mining farms.<\/p>\n<p>\\n\\n\\n\\n<\/p>\n<blockquote class=\\\"twitter-tweet\\\">\n<p lang=\\\"en\\\" dir=\\\"ltr\\\">Caixin, a media most recognized by regulators of China, said: The Chinese authorities have decided to move towards a carbon-neutral green transformation, and they don\u2019t care about so-called \u00abBitcoin pricing power\u00bb. China no longer welcomes the mining farms.<\/p>\n<p>\u2014 Wu Blockchain (@WuBlockchain) <a href=\\\"https:\/\/twitter.com\/WuBlockchain\/status\/1407140606011342848?ref_src=twsrc%5Etfw\\\">June 22, 2021<\/a><\/p><\/blockquote>\n<p> <script async=\\\"\\\" src=\\\"https:\/\/platform.twitter.com\/widgets.js\\\" charset=\\\"utf-8\\\"><\/script>\\n\\n\\n\\n<\/p>\n<p>As of writing, <a href=\\\"https:\/\/charts.coinmetrics.io\/network-data\/\\\">Coin Metrics<\/a> puts Bitcoin&#8217;s network hash rate at 104 EH\/s, <a href=\\\"https:\/\/bitinfocharts.com\/ru\/comparison\/bitcoin-hashrate.html#3m\\\">BitInfoCharts<\/a> at roughly 100 EH\/s.<\/p>\n<p>\\n\\n\\n\\n<\/p>\n<p>As noted, on June 21, the NYSE-listed mining company BIT Mining Limited <a href=\"https:\/\/u1f987.com\/en\/news\/bit-mining-limited-reports-first-shipment-of-320-miners-to-kazakhstan\">reported<\/a> the successful delivery of the first batch of cryptocurrency mining equipment to Kazakhstan.<\/p>\n<p>\\n\\n\\n\\n<\/p>\n<p>Subscribe to ForkLog news on <a href=\\\"https:\/\/twitter.com\/ForkLog\\\" target=\\\"_blank\\\" rel=\\\"nofollow noopener\\\">Twitter<\/a>!<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Restrictive measures against Bitcoin mining should be viewed positively, as they confirm the soundness of the first cryptocurrency. This view was voiced by miner Brandon Arvanaghi in an interview with Bloomberg.<\/p>\n","protected":false},"author":1,"featured_media":44776,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"1","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[133,1137,1306,26],"class_list":["post-44775","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-china","tag-cryptocurrency-mining","tag-mining-ban","tag-usa"],"aioseo_notices":[],"amp_enabled":true,"views":"40","promo_type":"1","layout_type":"1","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/44775","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/comments?post=44775"}],"version-history":[{"count":1,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/44775\/revisions"}],"predecessor-version":[{"id":44777,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/44775\/revisions\/44777"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media\/44776"}],"wp:attachment":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media?parent=44775"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/categories?post=44775"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/tags?post=44775"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}