{"id":129673,"date":"2021-06-22T10:42:25","date_gmt":"2021-06-22T10:42:25","guid":{"rendered":"https:\/\/precoinnews.com\/?p=129673"},"modified":"2021-06-22T10:42:25","modified_gmt":"2021-06-22T10:42:25","slug":"chinas-crackdown-means-bitcoin-is-working-says-crypto-miner","status":"publish","type":"post","link":"https:\/\/precoinnews.com\/crypto\/chinas-crackdown-means-bitcoin-is-working-says-crypto-miner\/","title":{"rendered":"China\u2019s crackdown means Bitcoin is working, says crypto miner"},"content":{"rendered":"

China\u2019s crackdown on Bitcoin (BTC) mining and cryptocurrency trading recently became a primary <\/strong>driver for the red candlesticks on crypto market charts. But one Bitcoin mining engineer believes China\u2019s ban on crypto is \u201cfantastic news.\u201d<\/p>\n

Brandon Arvanaghi, a former security engineer at crypto exchange Gemini, compared China\u2019s harsh stance against Bitcoin with the country\u2019s ban on Facebook and Google. <\/p>\n

Arvanaghi called getting banned in China a rite of passage for free technology and stressed that the crackdown means that Bitcoin is working, not that it\u2019s failing. \u201cIt\u2019s making nations shiver in their boots,\u201d he added.<\/p>\n

He said that nations are now picking sides, with China is responding to Bitcoin much like the country did to major Western tech firms, which is incredibly bullish for Bitcoin for the long and medium-term.\u00a0<\/p>\n

Miners are currently flowing out of China \u2014 where a phone call is enough to shut down an entire mining plant \u2014 and into the United States.<\/p>\n

\u201cBitcoin is the greatest store of value in the history of planet Earth; nothing is even comparable,\u201d Arvanaghi said, adding:<\/p>\n

\u201cWe are going to start valuing our wealth in terms of Bitcoin, and the volatility is the tax that we pay for being on the right side of this trade.\u201d<\/p><\/blockquote>\n

Related:\u00a0Banks fall in line as China\u2019s central bank cracks down on crypto accounts<\/em><\/strong><\/p>\n

Arvanaghi also compared Bitcoin\u2019s journey to a video game. In this trope, market-crashing news like drops in the hash rate or geopolitical tensions are bosses along the way \u201cto the inevitable state of Bitcoin becoming universally identified as the greatest store of value we have ever seen.\u201d <\/p>\n

In the meantime, miners are going to looking for cheap electricity around the world and Texas will be a potential address, Arvanaghi predicted recently. \u201cWe have governors like Greg Abbott in Texas who are promoting mining. It is going to become a real industry in the United States, which is going to be incredible,\u201d he added.<\/p>\n

Source: Read Full Article<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

China\u2019s crackdown on Bitcoin (BTC) mining and<\/p>\n","protected":false},"author":3,"featured_media":129672,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"yoast_head":"\nChina\u2019s crackdown means Bitcoin is working, says crypto miner - Pre Coin News<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/precoinnews.com\/crypto\/chinas-crackdown-means-bitcoin-is-working-says-crypto-miner\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"China\u2019s crackdown means Bitcoin is working, says crypto miner - Pre Coin News\" \/>\n<meta property=\"og:description\" content=\"China\u2019s crackdown on Bitcoin (BTC) mining and\" \/>\n<meta property=\"og:url\" content=\"https:\/\/precoinnews.com\/crypto\/chinas-crackdown-means-bitcoin-is-working-says-crypto-miner\/\" \/>\n<meta property=\"og:site_name\" content=\"Pre Coin News\" \/>\n<meta property=\"article:published_time\" content=\"2021-06-22T10:42:25+00:00\" \/>\n<meta name=\"author\" content=\"mediabest\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:image\" content=\"https:\/\/precoinnews.com\/wp-content\/uploads\/2021\/06\/Chinas-crackdown-means-Bitcoin-is-working-says-crypto-miner.jpg\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"mediabest\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/precoinnews.com\/crypto\/chinas-crackdown-means-bitcoin-is-working-says-crypto-miner\/\",\"url\":\"https:\/\/precoinnews.com\/crypto\/chinas-crackdown-means-bitcoin-is-working-says-crypto-miner\/\",\"name\":\"China\u2019s crackdown means Bitcoin is working, says crypto miner - 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