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In this video, I discuss the recent China Bitcoin mining ban, which this time appears to be the real deal. The mining crackdown has recently spread to the Sichuan province, and the goal now appears to drive all Bitcoin miners out of the country.
As Chinese Bitcoin miners unplug, the hash rate of the network has been falling, which will lead to a downward adjustment in the difficulty adjustment on June 29. In this way, the network ensures that one new block will continue to be produced every 10 minutes on average.
Bitcoin mining leaving China invalidates one major talking point against Bitcoin, namely that Bitcoin is somehow controlled by China.
Bitcoin miners do not control the network, no matter what country they are physically located in. Bitcoin full nodes control the network. They continue to be extremely decentralized and to enforce the consensus rules. Bitcoin miners work to serve the full nodes, and need to abide by the rules.
At this point, it is impossible for anything or anyone to kill Bitcoin, though central bankers and other groups that want to exert their control over you will continue to hate Bitcoin.
Not investment advice! Consult a financial advisor.
China’s cryptocurrency-mining crackdown spreads to Sichuan:
Mining pool stats:
Bitcoin network total hash rate:
Bitcoin difficulty adjustment:
Bitcoin miners moving to US:
Shutting down Sichuan shuts down a lot of renewable mining:
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