Okay so after that bloody hell market last week and now we’re on a slight recovery phase, the bad news doesn’t stop related to China’s crackdown on crypto mining. just recently, Inner Mongolia has banned Bitcoin mining. It will force these miners to go offshore. This was published just an hour ago as of this time in replying to this post.
Source: https://www.scmp.com/tech/policy/article/3134909/china-bitcoin-inner-mongolia-reinforces-beijings-ban-mining-strict
In my opinion, I don’t think this would impact much of BTC’s price and we might remain under consolidation phase in which we are gonna trade sideways for a while. What is your assessment on this one guys?
In short term, it will create drop of hashrate and with same difficulty, waiting transactions on the network will have to wait longer for first confirmation. Transaction fees will be higher but it is not the end of the world or the Bitcoin network.Source: https://www.scmp.com/tech/policy/article/3134909/china-bitcoin-inner-mongolia-reinforces-beijings-ban-mining-strict
In my opinion, I don’t think this would impact much of BTC’s price and we might remain under consolidation phase in which we are gonna trade sideways for a while. What is your assessment on this one guys?
Each 2016 blocks or nearly 14 days, Bitcoin difficulty will be re-targeted.
In long term, the things happen in Inner Mongolia is good for Bitcoin network. Mining farms will be more decentralized and I will be happy if miners move to other nations.
