Bitcoin, the top digital currency and an internet sensation since 2009. China, the country with th largest population on earth and a furiously growing economy. Just like oil and water, these 2 phenomenons don’t mix well.
But today we will finally explain as to what, why and how of the relationship between China and Bitcoin. And you’ll finally be able to tell why China is so anti-bitcoin, but yet purchases a lot of it and has some of the world’s largest bitcoin mining farms where most of the bitcoin in the world is mined.
It is true that China unofficialy authorized bitcoin in late 2015, as you can read here. However much of the government’s policies are still very much against it and there even been some major plans on creating a new cryptocurrency by the Chinese government.
These plans are mainly due to the fall of the Chinese currency (Yuan).
The Chinese are also one of the top bitcoin miners, since the electricity is cheap and the workforce is also cheap, they are able to build huge farms of hardware to mine bitcoin. This is of course a problem for most of us bitcoin miners, but trust me if you check how much money you’ll be able to make with our bitcoin mining calculator, you’ll see that mining and earning money this way is still a great and viable option.
In the end, it seems as though China is softening on bitcoin, but due to its latest interest with the collapse of the Chinese stocks and currency. Where will it lead bitcoin? Only time will tell.
See you next Sunday!