Saw this first thing when I opened my browser.
http://markets.businessinsider.com/currencies/news/bitcoin-miners-ditch-china-as-crackdown-on-cryptocurrencies-continues-2018-1-1012533774Bitcoin miners are reportedly fleeing China because it is cracking down on cryptocurrencies
Two of China's largest bitcoin mining operations are looking to set up shop elsewhere as the country expands its clampdown on cryptocurrencies to mining operations, Bloomberg news reported Friday.
Bitmain, which runs two exchanges, has set up a regional office in Singapore, as well as mining operations in the US and Canada, CEO Wu Jihan told the news channel in an interview. News of the impending crackdown was first reported Wednesday.
China banned wildly popular initial coin offerings - or ICO's - last year, as well as banning trading of the digital assets on local exchanges. The country had initially been popular for cryptocurrency mining because of cheap energy costs.
The policy shift could drastically affect the bitcoin mining landscape, which is already struggling with transaction times that can exceed 10 minutes.
The price of bitcoin has tapered slightly from its intraday highs, but is still trading up more than 7% at $16,471 per coin.
OK, we all know China is trying to make its own digital fiat and we kinda expected it would clamp down on competition. Do you think mining would still remain stable? I mean, there are probably miners there that might not be able afford to quickly move out. Would this be for the better (mining become more widely spread out) or can this cause transactions to come to a halt?
Since crypto currency was boom by the last quarter of 2017, potential growth of the market will be enormous and potential traffic too. Miners move out of china will provide them more profit in other country, also it will be an addition to the faster transaction which blockchain can create specially the help of a massive population of miners in China.
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