China’s crackdown on cryptocurrency mining has now shut down more than 90% of the country’s bitcoin production capacity, after a ban on mining in hydropower-rich Sichuan was put in place over the weekend. Additionally, the central bank moved to close remaining loopholes that allowed “cryptocurrency speculation.”
Makes a lot of sense, IMO the only way forward for Bitcoin regulation. The ecological impact and the immense energy consumed, which could obviously be used for much more useful needs, just way outweighs its usefulness (which is also questionable).
I'm also interested to see how the digital Yuan pans out.
Makes a lot of sense, IMO the only way forward for Bitcoin regulation. The ecological impact and the immense energy consumed, which could obviously be used for much more useful needs, just way outweighs its usefulness (which is also questionable).
I'm also interested to see how the digital Yuan pans out.