The spreading global crackdown on cryptocurrencies, particularly in China, has forced bitcoin miners to start fleeing the country. Boom Bust co-host and crypto analyst Ben Swann gives his insight.
“Bitcoin miners are selling their equipment like it is scrap metal,” he says, adding, “Essentially, they are fleeing the country for the most part because you cannot mine, specifically in the Sichuan province, where a lot of this mining took place. In fact, it was the province in which about half of all the world’s bitcoin supply was being mined – no more.”
“The Chinese government is not playing around” with its warnings, they are very serious about cracking down on cryptocurrencies, Ben says. “Obviously because they are creating their own central bank currency… China is also unique in that they are cracking down on competition ahead of their release of the CBDC.”
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