{"id":377761,"date":"2019-04-09T13:15:27","date_gmt":"2019-04-09T13:15:27","guid":{"rendered":"https:\/\/ktsl888.com\/?p=377761"},"modified":"2024-06-11T07:39:03","modified_gmt":"2024-06-11T07:39:03","slug":"how-china-banning-bitcoin-mining-farms-is-bullish-for-holders","status":"publish","type":"post","link":"https:\/\/ktsl888.com\/news\/how-china-banning-bitcoin-mining-farms-is-bullish-for-holders\/","title":{"rendered":"How China Banning Bitcoin Mining Can Positively Affect BTC Price"},"content":{"rendered":"

A bitcoin mining ban in China will more like drive the asset’s price higher, according to Mati Greenspan<\/a>.<\/p>\n

The UK-based financial analyst said the Chinese were mining bitcoins at a much cheaper rate than the rest of the world. It prompted more prominent mining corporations to set up their base in the Chinese regions. As a result, the country at one point hosted more than 50-percent of all the bitcoin mining pools. It also enjoyed a monopoly in manufacturing bitcoin mining equipment. Such statistics led many skeptics to believe that the Chinese mining companies, such as Bitmain, had centralized bitcoin’s production by taking control over half its network.<\/p>\n

But with rumors that the Chinese government was planning to ban all kinds of crypto mining activities, the hegemony is about to shake. Greenspan stressed that the displacement of big mining pools operating out of China could end up losing a big part of the bitcoin mining network to other global pools. Those pools will work in countries where the cost of mining bitcoin would be higher.<\/p>\n

“If this ban does end up happening, it’s more likely to push BTC prices up than down,” tweeted Greenspan. “The loss of cheap Chinese electricity would raise the mining cost, which is net positive on price. It would also serve to kill the FUD that Bitcoin mining is centralized.”<\/p><\/blockquote>\n
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If this ban does end up happening its more likely to push BTC prices up than down.<\/p>\n
The loss of cheap Chinese electricity would raise the mining cost, which is net positive on price.<\/p>\n
It would also serve to kill the FUD that Bitcoin mining is centralized.https:\/\/t.co\/OhVh8fUaXv<\/a><\/p>\n
— Mati (@MatiGreenspan) April 9, 2019<\/a><\/p><\/blockquote>\n