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2021-08-03 04:17:01

“The Death Of China’s Bitcoin Mining Industry,” 7 Takeaways From The Article

Did China make the mistake of a lifetime by banning Bitcoin mining or do they have a secret plan? That’s the question the whole Bitcoin ecosystem is struggling to answer. And today, we got another piece of the puzzle. In the article titled “It’s Over, It’s All Over” – The Death Of China’s Bitcoin Mining Industry,” a pseudonymous manager by the name of Ye Lang tells his story. And in that story, a bigger story is reflected. Related Reading | Bitcoin Hash Rate Goes On Death Spiral Post China’s Crackdown On Miners On May 21st, in a “meeting of the State Council’s Financial Stability and Development Committee, a top-level economic and financial policymaking body chaired by Vice Premier Liu He,” China decided to ban Bitcoin mining. Less than a month later, on June 19th, the Sichuan government ordered “the closure of Ye’s facility, along with 25 other cryptocurrency mining projects in the province.” That story started like this: Ye decided to jump on the Bitcoin mining bandwagon in 2018 when he closed down the majority of his internet café business, mortgaged his apartment in Anqing, Anhui province, borrowed money from relatives and left his wife and daughters to move to Sichuan What can we learn from Ye’s first-hand experience? 1.- It Only Takes 80 Employees To Operate An 80,000 Bitcoin Miners Operation At the peak of the facility’s Bitcoin mining operations, Ye was in charge of 80 employees and a...

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