Oh wow. China seems to be starting to crack down hard. I wonder what prompted their hostile attack on Bitcoin.
Still, it's too early to draw conclusions. The story seems to be unconfirmed thus far, so this may not even be true. And even if it is, we don't know for sure if the added electricity costs would force the miners to shut down. It may very well still be profitable, just less so. This just makes me think that Bitcoin's energy requirements are unsustainable and is definitely an issue that must be addressed going forward.
Well when they banned ICO and closes its exchanges, the next target is their mining business. However, I don't know if this is fake news or not because we have seen a lot of them being used as a tool by a lot of FUD's around here during the height of their crackdown.
I have to disagree with the energy requirements being unsustainable, China has abundant of energy and even have a surplus that it can't be depleted in the next 10-20 years. This is real crackdown.
Japan has already show enthusiasm to have its own mining farm and mining hardware. I'm sure they will again take over if ever China bans bitcoin mining.
