China’s ban for crypto crackdown continues
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| China’s ban on crypto |
Last week the Chinese province of Sichuan turned off the lights for 26 cryptocurrency mining operations this makes Sichuan the 5th Chinese Province to hear the government warning about the financial risks and energy consumption associated with popular cryptocurrencies such as Bitcoin “BTC” and Ethereum“ETH”.
What's different about Sichuan’s crypto mining ban is that most of the miners in that region use abundant and renewable hydroelectric power meaning any admission concerns are unjustified.
China's recent anti-crypto rhetoric has its roots in the rollout of its Central Bank digital currency witch new can be withdrawn into fiat at over 3000 ATMs around the country.
For those who don't know cryptocurrencies are a very popular way of moving money in and out of China most notably via tether “USDT” stable coin.
This tech doesn't drive too well with the Chinese government's plans to put in a digital currency that office maximum control and surveillance.
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| The mayor of Miami Francis Suarez bitcoin |
The mayor of Miami Francis Suarez (Pro Bitcoiner) has extended an olive branch to these become Chinese crypto miners, Miami's primary energy source is nuclear ==> it's abundant it's consistent it's green and most importantly it's Cheap.
Unfortunately, the Miami nuclear offer is still more than three times more expensive as an alternative in numbering Asian countries such as Kazakistan.
However, Miami is still on the table because of the stability guarantees as far as government policy goes.
The only issue is building the facilities needed to host cryptocurrency miners which should be manageable, given the record income crypto miners have posted in recent months.