As a crypto investor with experience in the industry, I find Daniel Batten’s revelation on the Chinese Bitcoin mining situation fascinating and thought-provoking. Initially, like many others, I had accepted the dominant narrative that China had imposed a comprehensive ban on Bitcoin mining. However, upon reading Batten’s report, I now question this assumption.
As a crypto investor, I was taken aback by Daniel Batten’s recent revelation, which challenges the common belief that Bitcoin mining is banned in China. Contrary to numerous reports suggesting a complete ban on mining activities, Batten’s research indicates that this was only a temporary suspension. Mining operations have resumed in various parts of the country.
Bitcoin Mining Was Never Banned In China
The report by Batten reveals that about one-seventh of the world’s total hashrate for Bitcoin – a measurement representing the computational power employed in mining and processing – is situated in China at present. Intriguingly, this finding contrasts sharply with the widespread belief that emerged in May 2021, when numerous prominent news outlets reported an extensive clampdown on cryptocurrency transactions and related mining activities by the Chinese government.
Batten maintains that the temporary decrease in Bitcoin’s network hashrate, which dropped from 179.2 EH/s to 87.7 EH/s, equating to a 51.1% reduction, should not be construed as a definitive ban. Using an analogy for clarity, Batten likens this situation to a student being suspended from school instead of being expelled.
In-depth journalistic explorations corroborate Batten’s claim. For example, articles published soon after the “ban” revealed that numerous miners continued their operations undeterred. CNBC and NBC documented persistent mining activities within China. Furthermore, according to Cambridge data, mining activity had recuperated to 19.1% of the global hashrate by December 2021, suggesting a substantial recovery.
As a crypto investor, I’ve had the opportunity to engage in conversations with numerous Bitcoin mining companies and distributors based in China. The consensus among them is quite clear: if you are a small player, contributing value to the ecosystem rather than trying to extract funds from China, then you are more than welcome. This approach has led to a more decentralized and clean-energy driven Bitcoin mining landscape.
As a crypto investor, I’ve come across intriguing reports about innovative ways Bitcoin mining is being employed in China. Contrary to popular belief, miners are not just squandering resources. Instead, they’re making use of wasted renewable energy and recycling heat. This indicates a more complex perspective on Bitcoin mining than previously assumed. Moreover, local governments, especially those overseeing smaller-scale operations, are known to be supportive. They see value in Bitcoin mining as it contributes to local energy solutions without trying to bypass capital controls.
“If you are a miner with a team of 200 to 500 members, and you’re interested in renewable energy mining, feel free to join this initiative. This opportunity is primarily available in Inner Mongolia, which is China’s equivalent to Texas in the US, boasting an abundance of unused renewable energy that they aim to commercialize.” Batten further mentioned that “China has welcomed back miners who fit this specific criteria.”
Additionally, Batten shared that coal-free off-grid mining no longer exists. Instead, the majority of mining operations now rely on hydroelectric power, with many being smaller than 1 Megawatt (MW). This shift aligns with China’s goal of becoming carbon neutral by 2060, making the recent Bitcoin mining restrictions a part of a larger initiative to decrease the energy footprint of resource-intensive industries.
Based on Batten’s assessment, the Western media has predominantly misrepresented the situation surrounding China and Bitcoin mining. This misconception has led to a distorted narrative about China’s stance on Bitcoin mining, which Batten intends to clarify. In alignment with this viewpoint, Jaran Mellerud from Hashlabs stated that there are still considerable Bitcoin mining operations ongoing in China. The local administration permits these activities as they are vital for economic growth in the region.
The discoveries contradict the common depiction of China’s policy towards Bitcoin mining in the mainstream media, while also revealing a wider issue of exaggeration and misinterpretation in global reporting regarding Bitcoin mining’s legal and regulatory standing.
At press time, BTC traded at $71,227, up 0.2% in the last 24 hours.
Read More
- SOL PREDICTION. SOL cryptocurrency
- USD ZAR PREDICTION
- AVAX PREDICTION. AVAX cryptocurrency
- MNT PREDICTION. MNT cryptocurrency
- EUR KRW PREDICTION
- USD PHP PREDICTION
- BTC PREDICTION. BTC cryptocurrency
- PHB PREDICTION. PHB cryptocurrency
- BEN PREDICTION. BEN cryptocurrency
- TAO PREDICTION. TAO cryptocurrency
2024-06-07 10:11