Not Accidental China's U-Turn On Bitcoin Mining Might Fuel Competition

Changes in China's Bitcoin (BTC) mining policy are not accidental, and competition in the global mining sector might become more intense, says an analyst at Beijing-based token data and rating agency TokenInsight. Moreover, the recent major crypto move by Hong Kong might also increase competition in the local cryptocurrency trading market, he added. It’s a well-known thing in the Cryptoworld by now that China – though interested in blockchain, with even President Xi Jinping advocating for a faster development of blockchain technology – has taken and is maintaining a tough stance on cryptocurrency industry, particularly exchanges and mining. We’ve written about the country’s discussions on mining ban for a while now, but just two days ago, the National Development and Reform Commi...