The recurring \u2018China bans Bitcoin\u2019 story that we have all become familiar with over the years appeared to hold greater weight recently.This week in CryptoChina mining bans starts to bite.A long-held bearish narrative of Bitcoin skeptics and often a key reason why many conservative investors have held back from taking on exposure to crypto is the dominant role that the People\u2019s Republic of China has held in the crypto markets and especially the Proof of Work mining industry of Bitcoin. In the first decade of Bitcoin\u2019s existence, this concern was justifiably valid, with a majority of hash rate concentrated in two main provinces in China. Xinjiang, where the energy mix for producing electricity is predominantly coal, and Sichuan, where hydropower dominates. For years Chinese miners would move with the summer rainy season between the two provinces, constantly seeking out the cheapest cost of electricity and even incentivized by the Chinese government with the establishment in 2019 of Hydro-electricity Consumption Industrial Demonstration Zones in Sichuan. These special \u2018demo zones\u2019 provided cheap surplus electricity to numerous energy-intensive industries at discounted rates and tackled the problem of oversupply of electricity production during the summer rainy season in Sichuan. The CCP estimated that in 2016 there was a staggering 14.2 billion kWh going to waste, enough to power ~1.3million US homes. At first glance, these proactive measures seemed to be a positive step in the direction towards China accepting Bitcoin mining whilst simultaneously solving the problem of energy wastage when their hydro dams were full. This incentive program also significantly enhanced the global renewable energy mix globally for the Bitcoin network, which in recent months has been an intense focus point of mainstream media, politicians, and institutional investors.Alongside recent ESG concerns, a key apprehension with investors and China is that with such concentration of\u2026<\/p>","protected":false},"excerpt":{"rendered":"
The recurring \u2018China bans Bitcoin\u2019 story that we have all become familiar with over the years appeared to hold greater weight recently.This week in CryptoChina mining [\u2026]<\/span><\/p>","protected":false},"author":0,"featured_media":2796,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[35],"tags":[],"_links":{"self":[{"href":"https:\/\/afluxcoin.com\/fr\/wp-json\/wp\/v2\/posts\/4781"}],"collection":[{"href":"https:\/\/afluxcoin.com\/fr\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/afluxcoin.com\/fr\/wp-json\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/afluxcoin.com\/fr\/wp-json\/wp\/v2\/comments?post=4781"}],"version-history":[{"count":0,"href":"https:\/\/afluxcoin.com\/fr\/wp-json\/wp\/v2\/posts\/4781\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/afluxcoin.com\/fr\/wp-json\/"}],"wp:attachment":[{"href":"https:\/\/afluxcoin.com\/fr\/wp-json\/wp\/v2\/media?parent=4781"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/afluxcoin.com\/fr\/wp-json\/wp\/v2\/categories?post=4781"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/afluxcoin.com\/fr\/wp-json\/wp\/v2\/tags?post=4781"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}