China’s bitcoin crackdown: why is it happening and what’s next for the original cryptocurrency? | South China Morning Post
China’s crackdown on bitcoin has sent shockwaves through the global mining community, but as miners flee the country, some cryptocurrency faithful remain optimistic about its future. Photo: Reuters
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China’s bitcoin crackdown: why is it happening and what’s next for the original cryptocurrency?
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- China’s widespread crackdown on bitcoin has sent the hash rate plummeting, but miners leaving the network have also pushed up profitability
- Bitcoin was designed to be the world’s first decentralised currency, outside the reach of any central bank, but it now more closely resembles a commodity
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China’s crackdown on bitcoin has sent shockwaves through the global mining community, but as miners flee the country, some cryptocurrency faithful remain optimistic about its future. Photo: Reuters
