China no longer welcomes the mining farms. Colin Wu discussed China’s Bitcoin ban.
The cryptocurrency market is currently experiencing a great decline, and although Elon Musk laid the foundations for it, it can be said that China has dealt the real blow. Taking action after Elon Musk’s criticism of Bitcoin’s energy model, the Chinese government officially declared war on Bitcoin mining.
Extensive bans on Bitcoin miners have led to almost every BTC mining facility in the country going out of the country or shutting down their operations. Famous journalist and experienced name of the Chinese market Colin Wu thinks that there is only one reason for what happened. While many analysts and investors interpreted both this move and China’s move to ban Bitcoin transactions as an effort to “control people’s lives,” Wu emphasized that this is an environmental cause.
In his statement and post on the subject, Colin Wu suggested that this may have been done as part of meeting the carbon emission targets launched globally.
In his statement on the subject, Wu drew attention to the statement of Caixin, China’s top media institution. In Caixin’s statement, he emphasizes that the Chinese authorities want to take steps to achieve the zero carbon target and accelerate this transformation, and in this context, they do not care about Bitcoin miners or the power they offer. According to Caixin, China no longer wants Bitcoin miners in its country.
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