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China banning bitcoin has happened so many times it’s become a meme at this point.
But with this latest crackdown on China-based miners, there might be no coming back, says The Block’s Wolfie Zhao.
“I think the crackdown on bitcoin mining has never been serious. There were a lot of talks in 2018-2019 but there wasn't anything seriously enforced. But this time it seems like there's no way to go back.”
On the most recent episode of The Scoop, Wolfie Zhao, Asia Editor at The Block, explained to host Frank Chaparro how the most recent ban is tied to sustainability concerns within the government.
As Zhao put it:
"So there is the financial side that is cracking down. Banks are cutting funding channels for OTC desks. The other side is the energy angle, cracking down on bitcoin miners… that’s why we see Shenzhen shutting down power supplies to bitcoin mining farms… they didn't say we're just going to crackdown on big companies that are using fossil fuel power."
"They just said we want to crackdown," Zhao continued.
Zhao and Chaparro also explore:
The impact of the Chinese miner exodus on the bitcoin network
How one region tried to buck the broader crackdown
Why the US now has a better business environment for bitcoin miners
The biggest misconceptions about bitcoin mining in China
Why the mining crackdown is not just an ESG issue
For a detailed timeline of China’s crackdown on mining, check out Zhao's full report.
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