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Cryptos Crash After China Again Vows Crackdown On Mining And Trading

Post 55405 12 hours ago • View on 8kun

Cryptos Crash After China Again Vows Crackdown On Mining And Trading Another day, another attempt by China - where the reception of the digital yuan has been a total disaster so far much to Beijing's complete humiliation - to crash Crypto, with Reuters and Bloomberg reporting moments ago that just two days after the PBOC barred financial institutions from accepting bitcoin as payment, China's vice premier Liu He said (at 11pm on Friday local time) that China will crack down on bitcoin mining and trading activities, which of course is what we already knew. From Reuters: CHINA'S VICE PREMIER LIU HE SAYS TO CRACK DOWN ON BITCOIN MINING AND TRADING ACTIVITIES And From Bloomberg: CHINA REITERATES CALL FOR CRACKDOWN ON BITCOIN MINING, TRADING o China will reiterate, i.e., repeat what it has said, the same news every day until bitcoin hits 0? Or at least it hopes to, and somehow this is supposed to inspire confident in the digital Yuan? What is funny is that a month ago it was Peter Thiel who grabbed headlines with his laughable conclusion that bitcoin was helping China to end the reserve status of the dollar. How about now, Peter, is China's crushing bitcoin to boost the dollar? Inquiring minds want to know. Incidentally, a cynical take of this report is that it is great news as it means no more dirty coal bitcoin mining in Xinjiang. How will the ESG cult bash bitcoin now? As a reminder, China is the bitcoin bears biggest friend: as long as bitcoin can be mined in China it is "dirty." Once China bans bitcoin mining there, the anti-ESG case collapse. In any case, the news was enough to spark another algo-driven liquidation as the robots apparently have a 15 nanosecond memory and have forgotten that China has said all this and more both a few days ago as well as years ago when it first cracked down on crypto and banned bitcoin and its peers on the mainland. And stocks follow cryptos lower, as China now appears to also be attacking the US stock market - which has become joined at the hip with crypto.


IRAN- 4.5% of all bitcoin mining takes place in Iran, allowing the country to earn hundreds of millions of dollars in cryptocurrencies

Post 55536 7 hours ago • View on 8kun Shafaq News / Around 4.5% of all bitcoin mining takes place in Iran, allowing the country to earn hundreds of millions of dollars in cryptocurrencies that can be used to buy imports and lessen the impact of sanctions, a new study has found, Reuters reported. At its current level of mining, Iran's bitcoin production would amount to revenues close $1 billion a year, according to figures from blockchain analytics firm Elliptic. Iranian officials could not immediately be reached for comment. The United States imposes an almost total economic embargo on Iran, including a ban on all imports including those from the country's oil, banking and shipping sectors. While, exact figures are "very challenging to determine", Elliptic estimates are based on data collected from bitcoin miners by the Cambridge Centre for Alternative Finance up to April 2020, and statements from Iran's state-controlled power generation company in January that up to 600 MW of electricity was being consumed by miners. Iran officially recognized crypto mining as an industry in recent years, offering it cheap power and requiring miners to sell their mined bitcoins to the central bank. The prospect of cheap power has attracted more miners, particularly from China, into the country. Teheran allows cryptocurrencies mined in Iran to pay for imports of authorised goods. "Iran has recognised that bitcoin mining represents an attractive opportunity for a sanctions-hit economy suffering from a shortage of hard cash, but with a surplus of oil and natural gas," the study finds.

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