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April 25, 2018, 05:25:52 PM |
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"The Crackdown Continues Unabated
Up until now, there has been some debate as to whether or not China would revert its stance on cryptocurrencies. This latest development seems to indicate that will not be the case. The Central Bank plans to further regulate the power usage of Bitcoin miners in the region. This effort is taking place to reduce the scale of these operations and eventually force miners to different countries altogether.
This has caused some miners to pay more attention to European countries. Iceland has been extremely popular in the past few years due to its abundance of cheap electricity. Other European countries are also of great interest. In Canada, Bitcoin miners are also launching new operations as we speak. China’s role of importance has all but dissipated, yet the government failed to bring Bitcoin down to its knees.
For now, developments like this one will continue to occur in China for some time to come. During the seizure of this hardware, five people were identified as persons of interest. One other individual has been detained for his involvement in this mining operation. It remains unclear if they will face any legal repercussions for partaking in this venture."
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