RE: China Banned Bitcoin Mining | Lets Take A Look At Bitcoin Hash Rate Data
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Miners moving out of China is the best thing that could have happened to Bitcoin and for freedom loving people everywhere.
The concentration of radical freedom miners in a totalitarian dictatorship that hates freedom was a major risk for Bitcoin and now it is gone.
China just cut itself out of an important part of the future of finance and will suffer accordingly - this is also great.
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I realy cant say why they did this .... probably just an effort to keep control over people, not much of an economic sense...
A major reason for this has to do with the integration of the power grid in China. Now that the grid is more connected the miners are directly competing for power with other industries which the government does not want. Previously the miners were tapping into stranded power generation which would have been wasted otherwise. Some local government officials were also making money under the table off of selling electricity to mining farms and the central authorities are also cracking down on that.