28th June 2021
Chinese authorities seem to be putting things in order rather than declaring war on crypto, aiming to further weaken the U.S. economy.
- China hosts 65% of all mining farms. That means in just a year, the miners could earn over $10 billion.
- In one way or another, the money will circulate throughout the country’s economy: It will be spent, saved or invested.
Under the Party’s control
- The Chinese government is well aware of the volume and significance of U.S. dollar investments through cryptocurrencies.
- They restricted crypto transactions for banks and payment companies back in 2013.
- The authorities also shut down local crypto exchanges and blocked access to foreign platforms In 2017
- At the same time, the Chinese authorities have begun to restrict mining.
Who will pick up the idea
- On the surface , Chinese miners moving to North America seems beneficial to the United States
- But experts pointed out that mining requires a lot of idle energy capacity and competitors may take advantage of it .
- Under this circumstances , Iran and El Salvador have already taken a big step.Iran earned more than $400 million from cryptocurrency mining over the past year
- El Salvador’s is considering mining from their “clean”and “renewable” local volcanoes energy.
The US government chose to weak the appeal of the bitcoin by every possible means .That’s why Tesla and SpaceX, suddenly switched from supporting Bitcoin to criticizing its environmental impact. The same thing happened to Greenpeace, which no longer accepts crypto donations.