China’s Bitcoin Mining Crackdown “Great Development” for BTC – Mining Bitcoin News

David Marcus, head of Facebook Financial (F2), who heads the Diem, formerly Libra, crypto project believes the Chinese government’s crackdown on Bitcoin mining is “a great move” for cryptocurrency. Lots of people in the crypto space agree with him.

Facebook manager believes China’s bitcoin mining penetration is a good development

David Marcus, head of F2 (Facebook Financial), shared his opinion on the Chinese government’s approach to Bitcoin mining. F2 encompasses Facebook Pay, Novi, and all of the payments and financial services giant’s endeavors. Marcus is also a co-founder and board member of the Diem crypto project, formerly Libra.

He tweeted on Monday, “How is it a bad thing to move more bitcoin mining power to the United States and the West? The tough crackdown by IMO China in mining is a great development for BTC. “

Lots of people agree with Marcus and share their opinions on Twitter. Some of them agree that the move may seem bearish in the short term, but is good for Bitcoin in the long run.

The CEO of the Luno cryptocurrency exchange, Marcus Swanepoel, commented: “Familiar pattern for all Bitcoin: 1 potential problem identified (AML, scaling, Chinese miner concentration, etc.), 2 solutions created (chain analysis, lightening, Chinese mining ban), 3 risk mitigation incorrectly identified as Interpreted increase in risk, 4 finally penny drops = [Rocket emoji]. “

Sharan Nair, Chief Business Officer of the Indian crypto exchange Coinswitch Kuber, said:

I totally love how every supposed move to bring Bitcoin down is actually working in its favor. Maybe what doesn’t kill you was stronger than ever.

After the Chinese government shut down bitcoin mining farms, the miners are reportedly moving their operations out of China. Nic Carter, partner at Castle Island Ventures, was quoted by CNBC as saying:

Chinese miners, or miners based in China, look to Central Asia, Eastern Europe, the United States, and Northern Europe … The phone rang on every western mining host I know.

Brandon Arvanaghi, a Bitcoin mining engineer and former Gemini security engineer, said, “You are going to see a dramatic change in the next few months.” He added that Texas could be one of the US states that Bitcoin miners are moving into become. “We have governors like Greg Abbott in Texas who promote mining. It’s going to be a real industry in the United States, which is going to be amazing, ”he said.

Florida is another US state that could attract crypto miners. The Mayor of Miami, Francis Suarez, is trying to attract miners to his city, which he wants to expand into a Bitcoin hub. The pro-bitcoin mayor found Florida has a great abundance of nuclear power, saying, “The fact that we have nuclear power means that it is very cheap.”

Do you agree with David Marcus that China’s crackdown on Bitcoin mining is a great development for BTC? Let us know in the comments section below.

Photo credits: Shutterstock, Pixabay, Wiki Commons

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