TL; DR Breakdown
- Chinese firm to move thousands of Bitcoin miners to Central Asia
- BTC mining installations are shifting flawlessly
- Chinese ban could be good for crypto
Bitcoin has been in the news as a major target of China’s current crackdown, but it seems like the crypto is somehow winning the battle. Since May, China has been on offensive against BTC miners in the country, forcing a great number of them to relocate their mining operations to other countries that aren’t hostile to cryptos.
The shutdown of numerous mining rigs in China has brought down Bitcoin’s hash rate because China-based miners account for around 60% of the network’s hash rate. That’s about to change now that miners are moving elsewhere, with the most recent news being of a firm that has moved 300 miners to Kazakhstan. In fact, the 300 are just the start. The firm expects to move over 2,000 miners from China to the Central Asian country.
Bitcoin’s infrastructural shift is historical
News of China’s spirited crackdown on Bitcoin sent the market in a bit of a FUD moment, but that sentiment is dying down now and being replaced by what appears to be intense admiration of the decentralized network that has prevailed numerous attempts of sabotage over the years. One of the positives was pointed out by one cypherpunk Jameson Lopp. In a tweet, Jamesson expressed his profound admiration for the Bitcoin network and how it has handled the change of mining infrastructure without a single flaw.
Indeed, it is astounding to witness an extensive change of installations within a system that is unsupervised. Under normal circumstances in a corporate setting, this tectonic change would require lots of planning and test-runs before being implemented, and even then, most of them don’t really get accomplished flawlessly.
Chinese ban is good for BTC
Despite Bitcoin taking a hit following Chinese crackdown, it’s widely thought that this may also have been a result of a short market correction that will end soon. Reports from Bloomberg Crypto indicate that the ban could actually work in BTC’s favor, calling it a “rite of passage” that will usher in the age of technological freedom.