After the Bitcoin crackdown that took place in China, many of the Bitcoin miners had to move out of the country, and it was definitely one big hit to the Bitcoin industry. However, things are now settling down and even looking in the positive direction. It might be very much possible that the business of mining Bitcoin might even become easier and more profitable because of it.
“This will be a revenue party for miners,” said bitcoin mining engineer Brandon Arvanaghi. “They suddenly own a meaningfully larger piece of the pie, meaning they earn more bitcoin every day.”
China had long been the epicenter of bitcoin miners, with past estimates indicating that 65% to 70% of the world’s bitcoin mining happened there, but a government-led crackdown has effectively banished the country’s crypto miners.
″For the first time in the bitcoin network’s history, we have a complete shutdown of mining in a targeted geographic region that affected more than 50% of the network,” said Darin Feinstein, founder of Blockcap and Core Scientific.
“The bitcoin algorithm is programmed to handle an increase or decrease in mining machines” according to Mike Colyer, CEO of digital currency company Foundry. “It is a self-regulating market that does not require any outside committee to determine what to do. This is a very powerful concept,” he said.
“All bitcoin miners share in the same economics and are mining on the same network, so miners both public and private will see the uplift in revenue,” said Kevin Zhang, former Chief Mining Officer at Greenridge Generation, the first major U.S. power plant to begin mining behind-the-meter at a large scale.
So it all played out for the benefit of the Bitcoin miners, after all.