Here’s What China’s Bitcoin Mining Crackdown 2.0 Looks Like
Chinese crypto miners are reluctantly calling it a day after – with reports of miners nationwide shuttering their operations, going offline and either selling their equipment for reduced prices or looking to relocate.
Bitcoin Miners are Leaving China
A series of events have led to bitcoin miners fearing for its future and leave China. Chinese regulators reiterated the cryptocurrency ban from 2017 and announced new measures to crack down on bitcoin mining. Bitcoin’s decentralised nature is at odds China’s ambitions for a centralised Yuan, which has resulted in these stringent measures. So, what does the future hold for Bitcoin mining now that the ban has come into effect?
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Here’s why bitcoin mining may get a whole lot easier
China’s bitcoin crackdown intensified over the weekend, with authorities in the hydropower-rich Sichuan province ordering crypto miners to shut down operations. According to reports, more than 90% of China’s bitcoin mining capacity is estimated to be shut down. Though it may not be good news for bitcoin miners in China, others could stand to benefit. Subscribe to CNBC PRO for access to investor and analyst insights on crypto and more: https://cnb.cx/2BT2E7y
Bitcoin continued to rebound from its lows for the year on Wednesday.
The cryptocurrency sank below the key $30,000 threshold Tuesday, at one point briefly erasing all its 2021 gains. It later recovered to turn positive for the day.
On Wednesday, bitcoin surged 18%, climbing back above the $34,000 mark in early morning trading, according to Coin Metrics data. It last changed hands at $33,641.27, up 3% on the day.
Smaller rivals also surged, with ether rising 6% to $2,014 and XRP up 9% at a price of 64 cents. The reason for the moves higher wasn’t clear, but cryptocurrencies are known for their volatility.
Bitcoin had a solid start to the year, rallying to an all-time high of almost $65,000 ahead of crypto exchange Coinbase’s blockbuster debut and as institutional investors appeared to be warming to it.
But the world’s biggest digital coin has been on a roller-coaster ride since, almost halving in value amid a slew of negative news.
In China, authorities have been clamping down on bitcoin mining, the power-intensive process for validating transactions and generating new bitcoins. Over the weekend, Beijing’s crackdown on crypto mining extended to the hydropower-rich Sichuan province.
Then, the People’s Bank of China on Monday said it had urged financial institutions including Alipay and major banks not to provide services related to cryptocurrency activities.
Investors have also become more concerned about bitcoin’s environmental impact, after Tesla CEO Elon Musk decided to stop accepting bitcoin as a method of payment for his company’s vehicles.
At the time, Musk said he was worried about bitcoin’s huge energy consumption and the “rapidly increasing use of fossil fuels” in mining the digital asset. However, he later said Tesla would accept bitcoin when at least half of bitcoin mining is confirmed to be powered by clean energy.
Critics of the cryptocurrency have long been wary of its impact on the environment. That could threaten the adoption of bitcoin by institutional investors, which are under growing pressure to invest in cleaner, more ethical assets.
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Chinese bitcoin miners are look to the West amid China crackdown, plus a look at US regulators
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Chinese mining firms are looking to the United States amid the China crackdown on crypto. CoinDesk Global Macro Editor Emily Parker joins Yahoo Finance’s Zack Guzman and Akiko Fujita to discuss.
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Chinese crackdown leads bitcoin miners to Texas and Florida: CNBC After Hours
CNBC.com’s Pippa Stevens brings you the day’s top business news headlines, and what to watch as the coronavirus pandemic continues to keep most of America on lockdown. On today’s show, CNBC.com’s Jeff Cox explains the Fed’s new expectations for interest rate hikes, and why investors are concerned about long-term inflation. Plus, CNBC.com’s MacKenzie Sigalos reports from Miami, where the mayor hopes to woo crypto miners with cheap nuclear energy amid a crackdown in China.
00:00 – CNBC After Hours, June 17, 2021
0:32 – Stocks close mixed
1:15 – The Fed signals 2023 rate hikes
3:39 – CNBC Sound Check
5:24 – The Great Bitcoin Migration
7:49 – Numbers Round
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