The wrestling of the Chinese authorities with cryptocurrencies and the limitations introduced by Beijing in this industry will soon be positively affected by miners and will help make money on transaction processing, CNBC writes.
Since May, the Chinese government has introduced the actual ban on the mining cryptocurrency and operations with them because of concerns about the impact of equipment on the environment and because of the fear of competition from cryptocurrency for digital yuan, developed by the China People’s Bank.
Until the last moment, China accounted for about 75 percent of all worldilities for Mineland Bitcoin. It is expected that 90 percent of them will be transferred beyond the country.
On the one hand, it can increase the cost of mining – due to more expensive resources in other countries and increased demand for equipment. On the other hand, the overall computing power involved in Bitcoin transactions will inevitably decrease.
This in turn will mean that miners will be able to count on an increased remuneration for each operation. In fact, miners from other countries will experience reduced competition due to the fact that many Chinese players will not be able to move in a pandemic construct.