Instead of embracing the technology and accepting the trends, China is cracking down hard on Bitcoin mining. Could this be because of the high energy consumption? But china is a nuclear powered nation so energy shouldnt matter. I think the problem is china is aware that more money is going into bitcoin and cryptocurrencies instead of the governments pockets. In the end China will regret it and will be the biggest loser because miners will simply just relocate.
It maybe the Chinese government has ins on their own mining and want everyone else to stop so they themselves can earn more. I do not think that is far fetch. They know their electricity is cheap and they know cryptocurrency prices are rising exponentially.
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