Nic Carter Optimistic Over The Possible Crisis In Bitcoin Mining In China – Here's Why

Nic Carter, co-founder of Coin Metrics, says he is happy that Chinese officials have called for pressure on Bitcoin mining. A new statement from the Chinese Deputy Prime Minister Liu He and the State Council said the move is part of the country's effort to "avoid and decisively manage financial risks". “We will focus on reducing credit risk, strengthening supervision of the financial activities of platform companies, reducing Bitcoin's mining and trading behavior, and resolutely preventing the transfer of individual risk to the market. social space. "China first banned Bitcoin trading in 2017 and released its first coin offers (ICOs). Carter says he believes China's new measures could actually strengthen the Bitcoin network and improve energy efficiency. It is a continuation of what has already begun. Inner Mongolia with dense coal fuel. Is it good or bad? People like me wanted it to happen. Guess. I was looking forward to being there and glad it happened. First, it reduces China's ability to potentially influence Bitcoin. There was an outside chance for them to use China-based hashrate to initiate the attack. It probably wasn't something I was thinking about, but now, by continuing to ban mining in China, it won't have any influence or capacity to do so. Second, in terms of Bitcoin's carbon footprint. good.As we all know, there is a lot of coal in China that is partially used for mining. reducing Bitcoin's overall carbon emissions by banning mining in places. This is an effective subsidy for Western clean miners and therefore significantly improves the emission factor of the Bitcoin network. So this is something we should celebrate. Carter fears Bitcoin is less secure than a significant number of Chinese

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