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It’s pretty much evident that China wants to hog everything, especially with cryptocurrency. We already heard the news about its government imposing regulations on Bitcoin (BTC) activities as this resulted in what is called by some traders the “China FUD.” With that in mind, a massive BTC mining machine maker is fighting back against this ruling that can still be felt in the crypto market.
Bitcoin mining rig manufacturer fights back
The Beijing-based mining rig maker – Canaan recently had earnings call where its Chief Executive Officer Zhang Nangeng touched on the above-mentioned topic. Albeit admitting to the fact that mining the king coin gobbles up fossil fuels, he believes that there are miners who are already heeding the call of going green and they are the ones that need to be given an exemption.
He also highlighted that these Bitcoin miners facilitate the creation of jobs in impoverished parts of the country adding that it “contributes to fiscal coffers.” Nangeng went on to say that “for-profit miners” are opting to areas with “lower energy prices that indicate oversupply, and likely energy waste.”
Some have felt it as early as 2018
This ruling that China’s State Council implemented has made miners think of moving overseas. In line with this, Primitive Ventures co-founder and crypto expert Dovey Wan revealed they’ve already sensed that a clampdown is coming as early as 2018. Yes, they too are moving out of China to mine elsewhere. They’re now planning to relocate their mining activities to “adjacent underdeveloped countries” like Kazakhstan and Pakistan who according to her are good buddies with Chinese entrepreneurs, U Today writes.
This Bitcoin mining exodus – according to BTC researcher Vijay Boyapati – will greatly benefit the digital currency. In his tweet, he noted that China banning Bitcoin “would be great” in a way as he explained that it will finally veer away from that authoritarian and communist regime, not to mention that this will mark the end of the FUD created by the ruling.
Such a move is easier said than done, however. Large-scale Bitcoin miners will make a whole heap of spending for such transfer.
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
