Thread by @Crypto_Mags

China has officially announced it will ban #bitcoin mining

This is part of a larger move to ban crypto trading & services to protect investors & curb financial risks
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https://twitter.com/WuBlockchain/status/1395744914000863233

China's #Bitcoin mining ban likely has multiple objectives:
🔸️ builds on top of prior ban to protect investors & financial markets
🔸️ closes a loophole as people invested in Bitcoin mining farms to aquire bitcoin
🔸️ helps China attain its carbon neutrality goals
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Despite banning #bitcoin mining in Mongolia, concerns remain wrt China's ability to meet its carbon neutrality targets by 2060

There's still too much reliance on coal in other provinces & China will be careful about allocating renewables across its industrial base
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Short term, the China bans bitcoin (again) narrative will cause pain

Long term this is bullish for #Bitcoin price: no more "China controls bitcoin" FUD, "mining is centralized in China" FUD, etc

Hashing power will redistribute around the globe to Stable jurisdictions
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TBD if this is an outright #Bitcoin mining ban or a crackdown extending Mongolia's ban to other coal heavy jurisdictions

Regardless, I expect more hashpower to shift from China to welcoming jurisdictions like #Texas, similar to how exchanges responded to the 2017 trading ban
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The official source on the #Bitcoin mining crackdown is the State Council of the People's Republic of China: gov.cn/xinwen/2021-05…
h/t @marcvanderchijs
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China & NY State may be cracking down, but leading jurisdictions are capitalizing on a 21st century industry

Wyoming, Miami, Texas & Kentucky see economic dev, jobs & FDI potential. They're creating a policy env to attract #bitcoin #crypto companies & miners; & it's working!
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🇺🇲🇨🇦 need to develop domestic #Bitcoin mining strategies:
🏭Econ dev: encourage FDI, jobs, talent, industry renewal
📜Supportive regs & incentives
🌱Complementary initiatives: infra funding, EDU curriculum
⚡️Leverage strengths: energy reserves/infra, biz climate, reg stability
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