- Crypto influencer EljaBoom posted on Twitter a video of miners packing up their operations.
- This could be because of increased crackdowns in China on Bitcoin mining.
- Only time will tell how the mining shift will impact China’s economy and Bitcoin’s price.
Chinese Miners are closing down #Bitcoin mining ⛏
Some of them are even crying 😭
— Elja𝕭oom💥 (@Eljaboom) June 20, 2021
Although the origins of the video are currently unknown, EljaBoom is referring to the increasing restrictions in China with regard to Bitcoin mining. In fact, the country has been conducting raids on mining facilities for some time now.
Increasingly, this has led miners to shift to other countries for mining opportunities. In fact, it seems like China will lose its status as a Bitcoin interest hub. Regulatory uncertainty and repeated crackdowns are even leading to the Chinese population losing interest in the top crypto.
Twitter users were quick to react to the post. One said this is good news as miners can now move to better countries with favorable conditions. Still, most responses included talk about how this is a bad decision. They noted that this could even lead to a loss of power for China. Others reacted with sad emoticons.
So far, major provinces in China, including Qinghai, Sichuan, and Xinjiang have banned mining. There has also been talk of Yunnan, another major mining province, asking miners to pack up. However, this was later retracted from the news and dismissed as a rumor.
Only time will tell, how the shift in miners’ concentration geographically will impact countries’ economies as well as the price of Bitcoin.