China may ban Bitcoin Mining

China may ban Bitcoin mining. The National Development and reform commission included Cryptocurrency mining in its list of 450 wasteful and Hazardous activities slated for elimination. If the ban were to go through, Bitcoin would temporarily suffer a massive loss of hash power. However, the large mining pools could just opt to move to another country. This would be disadvantageous to China as they would then lose control of the influence the country has on cryptocurrency as the price of Bitcoin has always dictated the entire market. In fact, many analyst say that China banning crypto would force the mining pools to be more decentralized which would be better for the cryptocurrency.

Leave a Reply

Fill in your details below or click an icon to log in: Logo

You are commenting using your account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s