‘No way back’ from China’s bitcoin mining clampdown, says The Block’s Wolfie Zhao

Episode 38 of Season 3 of The Scoop was recorded remotely with The Block’s Frank Chaparro and The Block’s Asia Editor Wolfie Zhao.

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China banning bitcoin has occurred so many instances it’s turn into a meme at this level.

But with this newest crackdown on China-based miners, there could be no coming again, says The Block’s Wolfie Zhao.

“I believe the crackdown on bitcoin mining has by no means been critical. There have been a variety of talks in 2018-2019 however there wasn’t something critically enforced. But this time it looks as if there is no way to return.”

On the latest episode of The Scoop, Wolfie Zhao, Asia Editor at The Block, defined to host Frank Chaparro how the latest ban is tied to sustainability issues throughout the authorities. 

As Zhao put it:

“So there may be the monetary aspect that’s cracking down. Banks are slicing funding channels for OTC desks. The different aspect is the power angle, cracking down on bitcoin miners… that’s why we see Shenzhen shutting down energy provides to bitcoin mining farms… they did not say we’re simply going to crackdown on massive firms which are utilizing fossil gas energy.”

“They simply stated we wish to crackdown,” Zhao continued. 

Zhao and Chaparro additionally discover: 

  • The influence of the Chinese miner exodus on the bitcoin community
  • How one area tried to buck the broader crackdown
  • Why the US now has a greater enterprise setting for bitcoin miners
  • The greatest misconceptions about bitcoin mining in China 
  • Why the mining crackdown isn’t just an ESG difficulty 

For an in depth timeline of China’s crackdown on mining, take a look at Zhao’s full report.

© 2021 The Block Crypto, Inc. All Rights Reserved. This article is offered for informational functions solely. It just isn’t provided or supposed for use as authorized, tax, funding, monetary, or different recommendation.

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About the Author: Daniel