Block Crypto Sector? No Problem! This is China's Crypto Miner Strategy - Kakiforex.com - Financial Market Media No. 1 in the World Block Crypto Sector? No Problem! This is China's Crypto Miner Strategy Block Crypto Sector? No Problem! This is China's Crypto Miner Strategy
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May 24, 2021

Block Crypto Sector? No Problem! This is China's Crypto Miner Strategy

 On average investors are increasingly restless with Bitcoin (BTC) price volatility, pointing fingers at China for being the main cause of the severely sluggish crypto market.


Who would have thought the price of Bitcoin (BTC) would fall back to record levels in January and at the time of writing, this crypto king is trading at $ 35,146 with a decline of almost 31% since last April.


With Beijing’s grip on the crypto sector tightening, also blocking crypto mining, crypto expert Dovey Wan revealed most Chinese miners are preparing to move abroad.


They target Pakistan, Kazakhstan and several developing countries, including countries with good relations with Chinese entrepreneurs.


It is likely that Pakistan, Kazakhstan and some less developed countries, including having good relations with Chinese entrepreneurs. Africa is also a target for crypto miners due to low electricity costs.



While this initiative guarantees a bright future for the crypto sector especially Bitcoin, analyst Vijay Boyapati also supports that there are more advantages than disadvantages.


No wonder, when most investors move from China, FUD sentiment towards China’s actions for the crypto sector will disappear immediately.


At the same time, Blockstream CEO Adam Back explained China will not block Bitcoin (BTC) absolutely, as alleged. On the other hand, the problem is due to misunderstandings from media -to -media translation errors.


No, 🇨🇳China did not ban #bitcoin misreporting a standing regulatory rule. (not that it even matters there are vague "China bans bitcoin" claims every few months, which are in reality just adjusting policies), just this time it was faker than usual https://t.co/RDgNHgECjn


- Adam Back (@adam3us) May 18, 2021