The Chinese Crypto Mining Crackdown - Trend or Mistake?

[RSRS]

Will other countries follow or has China signed itself up for some hefty regret?

One of the contributing factors in Bitcoin’s decline over the past months was the growing effects of Chinese regulations on mining. Despite China’s 2017 ban on ICOs, it managed to become the top cryptocurrency miner in the world. However, this time, the scenario is a tad different, hinting towards a more drastic boycott of cryptocurrencies altogether. The prevailing adversity of the matter came into the picture as some of the largest crypto miners around the globe, including Houbi Mall and BTC.TOP, declared their exit from China shortly after the crackdowns were announced.

Nonetheless, the outrage wiped almost $70 billion from bitcoin’s market cap in less than a week, along with a substantial fall in Ethereum as its market value came down to $218 billion on June 22. While the market has relatively stabilized from the fear-struck fall, the question follows- Has China started a trend that could be adopted by other countries or made an excruciating mistake that the Asian dragon might regret later?

Sourch

[hasyurt]

It makes sense to mine Bitcoin in the early days, but it does not make sense to mine it now. Because there is excessive energy consumption. China has already mined enough btc long ago. There are enough btvmc reserves. After this time, he may not want to spend his energy on btc. I think it's a smart choice. It's a state policy after all.

[Review Master]

TBH, it's good for us and bitcoin ecosystem. In the long run, other countries might follow the crackdown, but that won't have that much  problem in the ecosystem as majority won't start mining from one place which is great, IMHO.

China has already mined enough btc long ago.

Actually, miners from china owned those mined bitcoin and they already started to shift from China to another place. But it's good for bitcoiners as majority hashrate won't be from China anymore and any type of fuds won't effect on the market as miners are shifting from there to other places.

[Astra]

The fact that, thanks to the ban of the Chinese government on Bitcoin mining, this activity is now sharply reduced in the territory of China itself, I also consider it good information, despite the temporary drop in prices in the cryptocurrency market. Previously, a significant amount of bitcoins were mined in China, and due to the unfriendly attitude of the Chinese authorities towards cryptocurrency, this country has already become a constant source of negative information regarding cryptocurrency. Bitcoin mining should not be concentrated in one country, and even in China.
The Chinese government is unlikely to change its negative attitude towards cryptocurrency. This is a government policy and it is based on pursuing the course of its reforms and the release of its digitized yuan, where there is simply no place for cryptocurrency.

[Proton]

The Economist writing that Mr Su, who runs a logistics business that transports mining machines, has been chartering Boeing 747s to get used ones out swiftly, most are going to Russia and Kazakhstan.