episode 38 The Scoop’s third season was remotely recorded with Frank Chaparro of The Block and The Block’s Asia editor Wolfie Zhao.
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China has banned Bitcoin so many times that it has become a meme by that time.
But with this recent crackdown on China-based miners, there may be no going back, says Wolfie Zhao of The Block.
“I think the crackdown on Bitcoin mining has never been serious. There was a lot of talks in 2018-2019, but nothing was seriously enforced. But this time it seems like there is no way back. “
On the latest episode of The Scoop, Wolfie Zhao, Asia editor at The Block, explained to host Frank Chaparro how the recent ban relates to sustainability concerns within the government.
As Zhao put it:
“So there is the financial side that takes tough action. Banks are cutting the funding channels for OTC desks. The other side is the energy aspect, which is cracking down on bitcoin miners … that’s why we see Shenzhen shutting down power to bitcoin mining farms … they I didn’t say we will only crack down on big companies that use fossil fuels . “
“You just said that we want to take tough action,” Zhao continued.
Zhao and Chaparro also explore:
- The impact of the Chinese miner exodus on the Bitcoin network
- How one region tried to oppose the broader approach
- Why the US now has a better business environment for Bitcoin miners
- The Biggest Misconceptions About Bitcoin Mining In China
- Why cracking down on mining isn’t just an ESG issue
For a detailed timeline of China’s crackdown on mining, see Zhao’s complete report.
© 2021 The Block Crypto, Inc. All rights reserved. This article is for informational purposes only. It is not offered or used as legal, tax, investment, financial or other advice.